Yantai actual use of foreign investment surges in Jan-Oct

The actual use of foreign investment in Yantai, Shandong province reached $21.5 billion, up 28.1 percent year-on-year, in the first 10 months of this year. The growth rate was 4.7 percentage points higher than the national average.

From January to October, Yantai introduced 109 projects with a total investment of 9.27 billion yuan ($1.45 billion).

The actual use of foreign investment in manufacturing reached $796 million, up 155.9 percent, accounting for 37.1 percent of the city's total, and ranking first in the province.

During this period, 76 high-tech industrial projects were set up in the city, an increase of 24.6 percent, with actual foreign investment of $350 million.

The city has been making efforts to seize opportunities brought about by the Regional Comprehensive Economic Partnership (RCEP) to boost the city's economic development.

From January to October, the actual use of foreign investment from RCEP countries reached $570 million, up 83.1 percent and ranking first in Shandong province.

The actual use of Japanese and Korean capital was valued at $180 million, an increase of 43.1 percent and ranking first in Shandong.

The city's industrial parks play a key role in attracting investment. To date, the China (Shandong) Pilot Free Trade Zone Yantai Area has attracted 28,000 enterprises, including 126 Fortune Global 500 enterprises.