Yantai to encourage more enterprises to expand overseas market

Yantai, a coastal city in East China's Shandong province, is to advance its opening-up policy to deepen local enterprises' international role following implementation of the Belt and Road Initiative.

One of the first of 14 coastal cities to implement the policy of reform and opening-up, Yantai will continue to expand its industry abroad to promote cooperation on foreign investment in superior production capacity.

Jerry Group, a global energy enterprise in Yantai, recently got the opportunity to cooperate with Chevron in an Indonesian project based on its highly-developed research ability in oil and gas fields.

Jerry Group's high standards in equipment manufacturing, advanced technology, and high-quality service contribute to its success, according to CEO Wang Pixue.

Jerry Group has developed environmentally-friendly equipment in dealing with sludge recovery, soil repair, and sewage treatment.

Yantai plans to make great improvements in infrastructure as well as international production capacity cooperation and equipment manufacturing in the next 10 years, so as to build itself into an economic and trade hub along the Belt and Road Initiative.

Linglong Tire, a large-scale tire manufacturer in Yantai, also launched a Thailand project recently aiming to produce four million high-performance tires with expected revenue of 1.7 billion yuan ($259.7 million) to promote international cooperation.

The project in Thailand has been of great significance in globalization of Linglong Group and enhancement of international competitiveness, according to Wang Feng, CEO of Linglong Tire Group.

By 2017, Yantai's actual utilized foreign capital increased 6.5 percent to 14.49 billion yuan ($2.16 billion). The city is to launch a new round of investment promotion projects in 2018 to build a China-Korea Yantai industrial park and create a China-service outsourcing demonstration city to explore a new development model of opening-up.