Qingdao is perhaps most famously known for the Tsingtao Brewery, which German settlers founded in 1903, and which produces Tsingtao beer, now the most famous beer in China and known worldwide.
In 1984 the Chinese government named a district of Qingdao a Special Economic and Technology Development Zone (SETDZ). Along with this district, the entire city had gone through amazing development of secondary and tertiary industries. As an important trading port in the province, Qingdao flourishes with foreign investment and international trade. South Korea and Japan in particular made extensive investment in the city. At least 30,000 South Korean nationals reside there. Construction proceeds at a relatively fast pace in Qingdao. Famous corporations include Haier.
In terms of primary industry, Qingdao has an estimated 50,000 acres (200 km²) of arable land. Qingdao has a zig-zagging pattern coastline, and thus possesses an invaluable stock of fish, shrimp, and other sea resources. Qingdao is also home to a variety of mineral resources. Up to thirty different kinds have been mined. Qingdao's wind power electricity generation performs at among the best levels in the region.
The GDP per capita comprised ¥29,596 (ca. US$3,659) in 2004. The GDP has grown steadily at an average pace of 14% annually.