Opening-up breaks new ground for Yantai's development

Updated: Aug 15, 2018 chinadaily.com.cn Print

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The coastal city of Yantai in East China's Shandong province has made substantial progress thanks to China's reform and opening-up policy introduced 40 years ago.

Yantai was approved by the government to be part as one of the first batch of cities to open to the world in 1984. After several decades of development, it has developed from an obscure coastal town into having one of the top 20 fastest growing local economies in China.

Since 1984, Yantai port has seen a substantial increase in annual import-export value, from $170 million in that year to $307.76 billion yuan in 2017. Over the same period, the number of import and export companies increased from one to 4,496.

By the end of 2017, Yantai had attracted a total of 14,029 investment projects from more than 90 countries and regions, and welcomed $34.23 billion of foreign investment. 101 Fortune Global 500 companies have invested to set up 151 projects in Yantai.

Yantai has in recent years made great strides in expanding its opening-up. A total of 336 Yantai-based investors had invested in 539 projects in 72 countries and regions by the end of 2017, with the agreed amount of investment standing at $6.72 billion and a large number of outstanding multinational companies emerging.

In addition, the Yantai government has also rolled out a series of policies regarding industrial parks, the exhibition industry and investment attraction to support further industrial development. In order to create a favorable business environment, the city is stepping up the construction of a high-speed railway around the Bohai Sea and Yantai Penglai International Airport, as well as improving public facilities in Yantai.

Moreover, in order to continue the city's opening up, the city government is striving to set up national pilot projects in Yantai, such as a pilot free trade zone, and a cross-border e-commerce comprehensive pilot zone.