Economy
Shandong ranks first among the provinces in the production of a variety of products, including cotton and wheat as well as precious metals such as gold and diamonds. It also has one of the biggest sapphire deposits in the world. Other important crops include sorghum and maize. Shandong has extensive petroleum deposits as well, especially in the Dongying area in the Yellow River delta, where the Shengli Oilfield (lit. Victory Oilfield) is one of the major oilfields of China. Shandong also produces bromine from underground wells and salt from sea water.
Shandong is one of the richer provinces of China, and its economic development focuses on large enterprises with well-known brand names. Shandong is the biggest industrial producer and one of the top manufacturing provinces in China. Shandong has also benefited from South Korean and Japanese investment and tourism, due to its geographical proximity to those countries. The richest part of the province is the Shandong Peninsula, where the city of Qingdao is home to three of the most well-known brand names of China: Tsingtao Beer, Haier and Hisense. In addition, Dongying's oil fields and petroleum industries form an important component of Shandong's economy. Despite the primacy of Shandong's energy sector, the province has also been plagued with problems of inefficiency and ranks as the largest consumer of fossil fuels in all of China.
In 2011, the nominal GDP for Shandong was 4.50 trillion yuan (US$711 billion), ranking third in the country (behind Guangdong and Jiangsu). Its GDP per capita was 42,014 yuan (US$6,365), ranking eighth.
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