Workers examine new energy vehicles ready to roll off the production line at a factory in Qingdao, Shandong province, on Feb 17. [Photo by Zhang Jingang/For China Daily]

Qingdao's manufacturing sector maintained stable growth in the first eight months of the year, data from the Qingdao Municipal Statistics Bureau showed.

From January to August, the added value of the city's industrial enterprises above designated size increased by 12.7 percent year-on-year, with an average growth of 8 percent in the past two years.

During this period, 30 of 35 industrial categories in Qingdao achieved year-on-year growth. The growth of high-tech manufacturing accelerated, with added value up 17 percent year-on-year.

Business efficiency also maintained rapid growth. From January to July, the city's industrial enterprises above designated size achieved a total profit of 34.48 billion yuan ($5.33 billion), up 36.4 percent year-on-year, with a two-year average growth of 18.3 percent.

The profit margin of operating revenue of industrial enterprises above designated size was 5.4 percent, 0.6 percentage points higher than the same period in 2020.

From January to August, the city's fixed asset investment increased by 12 percent year-on-year, with a two-year average growth of 8.4 percent.

Investment in manufacturing sector increased significantly. During this period, the completed investment in the manufacturing industry increased by 30 percent year-on-year, accounting for 23 percent of total.

Investment in high-tech industries and strategic emerging industries increased 19.5 percent and 12.5 percent year-on-year respectively, 7.5 and 0.5 percentage points faster than the city's investment growth rate respectively.