Yantai's economy sees steady growth in Q1

Yantai's economy saw steady growth in the first quarter of 2018 with a positive outlook, according to the city's municipal development and reform committee.

The GDP of Yantai reached 191.87 billion ($30.95 billion), a year-on-year growth of 7.7 percent and one percentage point higher than that of Shandong province. Value-added industrial output increased by 8.4 percent year-on-year, 2.5 percentage point higher than last year, and the general public budget revenue rose to 18.41 billion yuan, up by seven percent year-on-year.

The city's fixed-asset investment rose 7.2 percent year-on-year, a 0.6 percentage point higher than that of Shandong province. The city is set to support 192 projects. To date, 109 projects are under construction. A marine clean energy integrated supply platform project, an LNG project in Yantai West Port and some other major projects went smoothly.

The baseline indicator was within a reasonable range. The CPI (consumer price index) of Yantai residents grew 9.1 percent, a 0.6 percentage point lower than last year. A total of 33,400 new urban jobs were created which accomplishes 25.1 percent of the annual target.

It is expected that the city’s economy will maintain steady growth. The government is to create a better business environment and enhance the protection of intellectual property rights to further promote high-quality development.

Illuminated night scene in Yantai, Shandong province [Photo provided to chinadaily.com.cn]