Yantai's opening up leads to economic boom

Yantai, a coastal city in East China's Shandong province, has made strides in opening up and expanding cooperation with foreign countries over the past five years.

During the 13th Five-Year Plan period (2016-20), the city's actual use of foreign capital is expected to hit $10.8 billion, 1.3 times the amount during the 12th Five-Year Plan period (2011-15).

From January to October of this year, the actual use of foreign capital in the city reached $1.68 billion, a year-on-year increase of 68.1 percent.

The city's cooperation with Japan and South Korea has deepened as well. Over the past five years, its actual use of South Korean and Japanese capital totaled $1.13 billion, an increase of 33.8 percent over the 12th Five-Year Plan period.

From January to October, the city's actual use of Japanese and South Korean capital totaled $130 million, a year-on-year increase of 173.9 percent.

South Korea and Japan have become the first and third largest sources of foreign investment in Yantai, respectively.

The Yantai Area of the China (Shandong) Pilot Free Trade Zone, launched in 2019, has pushed the city's opening-up into a new era. The Yantai cross-border e-commerce pilot zone was approved that same year, leading to innovative breakthroughs in business types.

From January to October of this year, the city's cross-border e-commerce imports and exports exceeded 400 million yuan ($61.06 million) , more than 430 times last year's amount and representing the highest growth rate in the province.

In addition, Yantai established 79 branches and 490 wholesale centers during the period, covering 226 countries and regions. The proportion of imports and exports of countries involved in the Belt and Road Initiative increased from 17.1 percent in 2015 to 25.1 percent in 2020.