Yantai aims high on commerce and trade

A beautiful sunset view of the Port of Yantai, which has always been a major trading port for northern China, and a key starting point of the Maritime Silk Road. [Photo/Jiaodong.net]

The city will improve growth in foreign trade. It will encourage the export of products with registered Chinese intellectual property rights using core Chinese technologies, raise the proportion of general trade and high value-added products exported, control the export of resource products and products whose manufacture consumes large amounts of energy or causes serious pollution, expand the import of energy, important mineral products, advanced technology and equipment and key spare parts and accessories, and strengthen strategic reserves of critical resources. The city will also raise the standards for approval of trade enterprises.

Promote economic growth with new momentum

The Yantai government will continue with structural reform, in particular on the supply-side, and implement innovation-driven strategies. More coordinated platforms to link companies, universities, scientific research institutes and makers will be established in the city this year.

Forge synergy with Belt and Road countries

As one of the first cities cooperating with the Belt and Road countries in Shandong, Yantai has established long-term relationships with more than 180 enterprises from countries such as Russia, the Ukraine and Georgia over the past few years.

Yantai will intensify its opening-up by enhancing cooperation with Belt and Road countries and encouraging local companies to take advantage of the Belt and Road Initiative to tap foreign markets.

According to the city's commercial department, the Belt and Road Initiative has opened up huge opportunities for local firms to expand overseas, but they need to employ smart strategies and innovative business models in conducting outbound investments to ensure long-term competitiveness and success.

The city will continue to promote reform and opening-up and will welcome the outside world. The Yantai government will continue to take more measures to protect intellectual property rights and facilitate market access and financial services.

The Yantai Hi-Tech Industrial Development Zone. [Photo/sdlb.gov.vn]

It will also accelerate the opening-up and development of its five national hi-tech industrial parks and ten provincial-level economic development zones, which are expected to be important platforms for enhancing industrial interactions and scientific and technological exchanges between Yantai and Belt and Road countries.