Yantai FTZ celebrates trio of national achievements

The Yantai Area of the China (Shandong) Pilot Free Trade Zone (Yantai FTZ) has achieved a remarkable feat by securing three national-level accolades, underscoring its growing economic prominence in China.

The accolades highlight Yantai FTZ's commitment to innovation, strategic development, and economic reform.

The first accolade recognizes Yantai FTZ's efforts to cultivate and develop new business models for high-end equipment-oriented marine ranching as one of the nation's best practice cases.

The initiative represents a significant advancement in marine ranching, focusing on developing new business models that leverage Yantai's unique strategic position and maritime resources. It aims to address systemic challenges, foster industry growth, and enhance investment and trade reforms.

The second accolade recognizes Yantai FTZ for its online-offline synergy.

The city's innovative approach, integrating quality infrastructure with cloud services, has been recognized as part of the national ministries' reform pilot experiences. It streamlines business processes, reducing both time and costs for enterprises, and exemplifies Yantai's leadership in quality service provision.

The third accolade recognizes Yantai FTZ's capital project income payment facilitation, a reform that has significantly expedited the income payment process for capital projects. This initiative has enhanced cross-border payment efficiency and financial openness, cutting settlement times from two days to just one hour.

These accomplishments reflect Yantai FTZ's role as a national leader in institutional innovation within the FTZ. Its efforts in marine ranching and the integration of marine resources with the offshore engineering industry have led to the establishment of Asia's largest marine fishery cultivation base.

Yantai has introduced 330 institutional innovations recognized by various national bodies, including the State Council.

These achievements mark significant milestones in Yantai's journey towards high-quality development and economic openness.

The area remains dedicated to expanding its industrial impact, enhancing corporate experiences, and setting a benchmark for economic development and reform in China.