Yantai a magnet for foreign investment

Agreements for nine projects, with foreign investment of $1.92 billion, were signed in Yantai, a coastal city of East China's Shandong province on March 18.

The projects focused on the fields of smart manufacturing, next-generation information and communication technology, new energy, new materials, healthcare, as well as modern logistics.

"Yantai is a good choice for investors," said Jiao Youlun, president of Walsin Lihwa Corporation. The company plans to invest in a stainless steel intelligent deep processing project in Yantai with $650 million.

Since the 13th Five-Year Plan period (2016-20), Yantai has introduced 173 projects invested in by the world's top 500 companies, with $11 billion in foreign capital actual use.

In 2020, the foreign capital actual use in the city increased by 17.6 percent, with its total ranking second in Shandong province.

In 2021, Yantai has seen bright prospects in attracting investment. The city planned to construct 482 key projects, with a total investment of 1 trillion yuan ($153.8 billion). By the end of February, 204 of the 4,394 construction projects had resumed work, with a resumption rate of 52.8 percent, and completed investment of 22.88 billion yuan.