QINGDAO’s development toward becoming an international city has become faster since China officially joined the WTO in 2001.

    Economic marketization

    “Since 2001, Qingdao has branched out into new industries and been responsible for much innovation in the industries in which it already specialized in, improving the local economy,” said Song Jikuan, vice director of the city’s economy and information committee.

    Meanwhile, the city’s private sector has grown considerably. “More than 90 percent of State-owned companies completed system reform and more than 50 percent of the city’s companies are now privately owned,” said Ji Jinliang, vice director of the city’s commission of development and reform.

    A financing system was built to offer convenient services to private companies, helping them grow in the international market, Ji said.

    Synthetic power

    The city’s synthetic power has been improved significantly. In 2010, the city’s GDP reached 566.62 billion yuan, 4.8 times more than in 2001, while financial revenue was 45.26 billion yuan, 4.6 times more than the revenue in 2001. During the past 10 years, the city’s investment in fixed assets had reached 1,400 billion yuan, increasing by 26.3 percent on average every year.

    The city’s competitiveness is also growing. According to statistics, there were 472 core scientific achievements in 2010, including 13 achievements receiving national awards. A total of 6,796 products received patents the same year.

    “The city is also home to famous brands with strong competitiveness in the global market. The economic volume for the brand products accounted for 45 percent of the city’s total industrial volume in 2010. The local brands are now name cards of the city,” said Song.

    Global integration

    Qingdao has made great achievements in promoting itself to the world and developing international trading, said Deng Li, vice director of the city’s commerce bureau.

    “Since 2001, the environment for international project outsourcing market has improved. We had lower costs and the WTO helped us share more information and resources which had helped us develop fast on the global market,” said Wang Zhenhua, president of the city’s construction group.

    The internationalization also helped companies build brand-profiles, promote industrial upgrading and seek new partners.

    According to statistics, more than 81 countries and regions have invested in Qingdao since 2001 and 201 countries and regions had trade relationships with the city. Foreign investmentreached US$2.84 billion in 2010, bringing the total to US$30 billion.

    Foreign trade volume has increased to US$56.15 billion in 2010 from US$12.36 billion in 2001. During the past 10 years, the city has made US$1.76 billion investment in foreign countries and regions, increasing by 41 percent. some 56,000 workers have been sent abroad.

    (Wang Yuanyuan, Shen Junlin)