Qingdao, the largest industrial base in Shandong Province, boasts powerful economic strength. In 1996, the value of industrial output increased by RMB 20.6 billion over the previous year. Qingdao is an important base of light industry and of the textile and chemical industries. Qingdao Beer and Laoshan Mineral Water have excellent reputations both at home and abroad. Machine building has grown in importance. The output value of the rubber industry ranks second in the country and its profit margins third. In the field of electronics and household electrical appliances, a series of brand name, high quality products has been developed and large enterprise groups have come into being.
By the end of 1996, a total of 5,950 investment projects had been approved with a contract volume of US$ 7.87 billion and actual investment of US$ 35 billion in value. The number of individually foreign-owned enterprises, cooperation enterprises and joint ventures in operation reached 2,023. Forty-eight countries and more than forty globally-recognized companies invested in Qingdao.
Qingdao Municipal Economic Commission, the office of economic administration under the Qingdao Municipal Government, is in charge of coordinating the production of all industries in Qingdao, communication & transportation management, the reform and management of enterprises, foreign cooperation and investment, and technological renovation and development.
The Technical Transformation Division is the administrative department that is in charge of making use of foreign capital to transform the present enterprises. It is responsible for the setting up, examining and ratification of the foreign investment and joint venture projects. At present we have over 500 projects open to cooperation, in the fields of chemical manufacture, rubber production, machine building, electronics, light industry, textile manufacture, medical and pharmaceutical production, building and construction, and metallurgy.
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