Policy: Yantai aims high on commerce and trade

In 2017, Yantai will improve decision-making and speed up importation of new projects by important companies to gain significant economic and social benefits, according to a recently convened city commerce work conference.

Investment promotion is a lifeline running through the government's economic work, and plays a major role in economic upgrading. It will help to replace growth models and drivers with new ones at a faster pace.

The Yantai government will take a series of new measures to boost the growth of the city's international trade and urban economy, using business-friendly policies to attract investment.

Seek investment in the city's key industries

This year Yantai has identified 12 key industries including new-energy vehicles, health care, aerospace and information technology. Specific offices will be set up to promote their development and issue related regulations and policies.

Import projects with strong leading roles

In the first quarter of this year, Yantai signed seven cooperative projects with Fortune 500 companies. The municipal government will suggest implementation modes to encourage investment from Fortune 500 companies, and will closely follow 18 more projects that are still under negotiation with 15 Fortune 500 companies, making all-out efforts to achieve cooperation.

Adopt new models and channels to attract investments

The Yantai government will exploit the public-private-partnership (PPP) mode to broaden financing and investing channels.

Set down preferential policies to lure investment

The Yantai bureau of commerce will soon issue a guidance document on improving the level of the open economy by utilizing foreign capital and improving the economy's structure and quality, throughout the 13th Five-Year Plan Period (2016-2020).

"Upgrading" + "Renewing": stimulate foreign trade and structural adjustments

According to the Yantai bureau of commerce the city has developed a plan to build a processing trade transformation and upgrading demonstration base and is striving to make the plan fit into Shandong province's overall structures. The goal is to speed up replacement of old growth drivers with new ones to transform and upgrade the economy. The base will help to transform Yantai from a simple big city to a powerful one for foreign trade and win it a greater share in the province's exports and imports.

Optimize imports and exports while maintaining economic growth

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.

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.

This English version is only for reference. To learn more, please refer to the authoritative Chinese version.