Shandong powers ahead economically

In addition, as a proportion of the national total, the province's foreign trade rose from 6.4 percent in 2012 to 7.5 percent last year.

The 12th CPC Shandong Provincial Congress emphasized that the province would deepen reform and opening-up to remove institutional obstacles that restrict development, as well as work to create a new highland for opening-up and enhance the vitality of high-quality development.

The third Qingdao Multinationals Summit in June demonstrated the province's determination to turn itself into that highland. The move is also part of the province's efforts to integrate into the new national development paradigm of "dual-circulation", which relies on the domestic market as its mainstay while allowing both the domestic and the overseas markets to mutually reinforce each other.

At the summit, Shandong sealed foreign investment deals for 99 projects worth $15.6 billion with companies from 16 countries and regions. The projects are mainly in the fields of high-end equipment and chemicals, new energy, new materials, information technology, finance, marine development, agriculture and assorted services.

Denis Depoux, global managing director of global consultancy Roland Berger, told the summit that Shandong has made persistent efforts to deepen the reform and opening-up of key areas to improve its business environment, which is meaningful for business development in the province.