Yantai free trade area strives to open up

The Yantai Area of the China (Shandong) Pilot Free Trade Zone has made significant progress in attracting talent and foreign projects and optimizing its business environment.

The Yantai Area of the Shandong FTZ covers an area of 29.99 square kilometers and was launched on Aug 31, 2019.

It focuses on the development of high-end equipment manufacturing, new materials, a new generation of information technology, energy conservation, biomedicine, and producer services.

It will assist in the high-quality development of the real economy and promote innovation-driven development, according to a news conference held on July 1.

Two centers for trade and service, which were launched in the area in June, will help the city attract investment and promote international exchange.

To date, the trade center has attracted 42 enterprises, generating 9.79 billion yuan ($1.38 billion) in imports and exports from January to May.

Yantai plans to develop the free trade area into a springboard for economic opening-up by optimizing the international business environment, promoting the marine economy, boosting the financial economy, and taking full advantage of new industrial clusters, officials said.