In keeping with an average annual foreign trade growth of 25 percent, Qingdao's total import and export value between 2002 and 2007 hit $152.81 billion.

Qingdao Vice-Mayor Wu Jingjian said: "The city's import and export value in 2007 rose to $43.61 billion, an increase of more than three times compared with 2002 and the largest amount in Shandong province."

Qingdao has received more than 10 national awards, such as being named one of the top 10 cities in China with the most dynamic economies and one of the 10 best commercial cities in China.