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In recent years, Shandong Province has formed a regional development pattern of "One group, Two centers, Three circles". One of the three circles, the Jiaodong Economic Circle, is rising on the Shandong Peninsula. The Jiaodong Economic Circle is centered on the cities of Qingdao in the south and Yantai in the north, and also includes cities such as Weihai, Weifang and Rizhao, to coordinate industrial development strategies and economic development conditions, expand coordinated investment in infrastructure and improve connectivity in the region. The five cities have collaborated to establish a project library including 220 projects with a total investment of 773.3 billion yuan, set up a joint fund to provide financial development funds for small and medium-sized enterprises, jointly invested in the development and expansion of tourism and cultural infrastructure with an investment of 500 million yuan in 2021. They have promoted innovation through division of labor, strengthened the modernization of traditional industries, and unified action in the field of environment and climate protection. Industry associations in the five cities have formed more than 40 alliances and signed more than 50 cooperation agreements. Besides, Qingdao and Yantai are also part of the Shandong Pilot Free Trade Zone.

According to statistics, in 2021, the five cities in the Jiaodong Economic Circle achieved a GDP of 3,553.47 billion yuan, and the proportion of regional GDP in the province increased to 42.8%. The contribution rate of the Jiaodong Economic Circle to the province's economic growth reached 43.2% with an increase of 1.3% from 2019. Qingdao accounts for nearly 40% of the output value of the Jiaodong Economic Circle, making it a "Leader" and development engine of the region.