The 2025 Shandong Provincial Commercial Work Conference is held in Jinan on Jan 16. [Photo/Qilu Evening News]

Faced with ever-changing conditions, Shandong made efforts to boost consumption and stabilize foreign trade and foreign investment in 2024.

Remarkable results of the province's commercial work in 2024 were announced on the 2025 Shandong Provincial Commercial Work Conference, which was held in Jinan, the capital city of Shandong province, on Jan 16.

Shandong's automobile scrappage and replacement subsidy amount ranks first in China, with nearly 5 million households in the province benefiting from substantial policy incentives. Additionally, the province's foreign trade import and export volume reached a record 3.38 trillion yuan ($462 billion).

Furthermore, Shandong's actual utilization of foreign capital ranks fifth in the country, making a positive contribution to the high-quality development of the province's economy and society.

For 2025, Shandong will deepen the implementation of actions to boost consumption and promote the upgrading of consumption patterns.

The province will explore new markets, come up with new formats, and bolster new products to strengthen the base of foreign trade. Also, significant initiatives to attract investments will be meticulously planned, alongside a focus on expanding investment avenues consistently.

In addition, the province will increase efforts in the reform and innovation of free trade zones, SCO demonstration zones, and comprehensive bonded zones to build and utilize high-level open platforms.