Shandong's gross domestic product in 2025 is estimated to exceed 10 trillion yuan ($1.4 trillion), making it the nation's third, and first northern, province to reach this economic milestone, Governor Zhou Naixiang said in his New Year address on Thursday.

Zhou said that key indicators, including industrial output, consumption, and import-export growth, outperformed national averages and the province's initial forecasts.

The province has advanced its industrial modernization by fostering new quality productive forces tailored to local conditions. It has also integrated into the national unified market, with the total number of business entities surpassing 14.5 million. This reflects the province's improving business environment and dynamic market vitality.

The share of advanced production capacity in key sectors such as steel and petrochemicals now exceeds 40 percent, while the output value of high-tech industries accounts for 55.3 percent of the total. Additionally, the province's digital economy constitutes over 50 percent of its GDP.

Shandong is home to seven national strategic emerging industrial clusters and 274 national manufacturing champions, both figures ranking among the highest in China.