Shandong can exploit its regional advantages to upgrade its economy

WITH THE CHINESE ECONOMY shifting to high-quality development, Shandong province should actively seek to upgrade its traditional economic structure. 21st Century Business Herald comments:

Shandong has long ranked only behind Guangdong and Jiangsu provinces in terms of GDP after the launch of reform and opening-up, but the gap between it and the other two provinces has widened in recent years. One reason is that in response to the external economic shocks in 2008, Shandong launched a series of industrial policies and measures, which resulted in the shift of its economic structure to State-owned enterprises and heavy industries, and this to some extent stunted its economic dynamism. Another reason is that in the context of industrial upgrading, Shandong has not made sufficient efforts to promote innovative industries.

Shandong plays a key role in China's economic reform cause, and if it does well in pushing for economic transformation and realizing the shift from the old to new economic drivers, it will offer valuable experiences and confidence for other provinces and regions behind it. Shandong should realize the urgent task of transforming its traditional economic structure as soon as possible.