Yantai inks deals to further marine economy push

A total of 6.45 billion yuan ($ 948.5million) worth of investment deals were struck at Yantai marine economic forum.

The marine projects include CIMC marine fishing project, wind power manufacturing, marine ranching and basalt fiber new material industrial park.

Around 1000 heads from world top companies in marine sector gathered in a bid to seek cooperation with the coastal city.

Wang Xiaojun, the deputy mayor of Yantai introduced the status quo of Yantai marine economic development and its further blueprint in the 13th five-year plan (2016-2020).

Yantai has seen rapid growth in marine industries in recent years. The city's marine economy output value is increased by 10 percent to exceed 200 billion yuan ($29.8 billion) in 2017.

The city has developed defined major maritime industry categories, including marine fishery, oil and gas extraction, sea salt production, hydropower, desalination and marine transportation.

In a bid to develop marine industries, the government is planning to promote the development of a high-end industrial chain, develop leading products, and establish manufacturing bases to create an available investment environment.

Yantai also rolled out strategies to develop marine equipment such as multi-functional ocean ranch platforms to build an intelligent, informative and diversified management system.

Yantai-based CIMC Raffles has delivered a series of high-end marine fishery equipment such as self-elevating and semi-submersible multi-functional management platforms.

By the end of 2022, the city expects its gross marine output to hit 330 billion yuan and account for more than 30 percent of Yantai's GDP.