Yantai ascends beyond trillion yuan milestone with eye on sustainable innovation

In a landmark achievement for 2023, Yantai's GDP soared to 1.02 trillion yuan (approximately $141.31 billion), making it the third city in Shandong and the 26th in China to surpass 1 trillion yuan.

The city's ambitious strategy for acquiring projects has yielded remarkable results, with 485 projects signed into effect and 89 policies implemented in 2023, both record highs. These achievements have notably improved Yantai's business environment, earning it a spot among the top 10 cities in China in terms of business climate.

Innovation is at the core of Yantai's economic agenda, with significant investments made in critical sectors like aviation, nuclear power, and marine equipment.

The Yantai Chemical Industrial Park, nestled in the Huang-Bohai New Area, epitomizes the city's ambition for upscale, sustainable production. The park has outlined an annual investment of 40 billion yuan across 40 city-level industrial projects, all of which have kicked off construction, with 11 billion yuan already invested, providing a strong foundation towards meeting this year's objectives.

Home to global industrial giants, the park is poised to exceed 200 billion yuan in output within the next five years, highlighting Yantai's dedication to green, low-carbon development and innovation.

The Wanhua Chemical in Yantai Huang-Bohai New Area. [Photo by Guo Chuanyi for chinadaily.com.cn]

Yantai's commitment to sustainability is further demonstrated by the Laishan floating photovoltaic power station, China's first sea-based floating solar power facility. This groundbreaking project, developed by CIMC Raffles, marks a significant leap forward in clean energy, with the capacity to power numerous homes and underscoring Yantai's leadership in renewable energy innovation.

An aerial view of the "Genghai No 1" marine ranch complex located in the waters of Laishan district. [Photo by Yu Fengyuan for chinadaily.com.cn]

In Longkou city, there has been a noticeable shift towards high-end manufacturing, as the traditional automotive industry transitions to new energy vehicles and other advanced sectors. The rapid growth of China's automobile exports is evident in this area, with pure car and truck carriers manufactured at the CIMC Raffles Longkou base recently shipped from Longkou Port to Shenzhen via Yantai. They were carrying over 5,000 domestically-produced new energy vehicles destined for Europe.

The shipyard production line of CIMC Raffles is engaged in the manufacturing of pure car and truck carriers. [Photo by Xie Hongyu for chinadaily.com.cn]

Yantai's industrial strength and innovative spirit position it for continued success, solidifying its status as a leading city both regionally and nationally.

With a vision set on becoming a central city in the Huang-Bohai region by 2035, Yantai is fast-tracking the development of a green, low-carbon, and high-quality development model city, marking a new chapter of ambitious goals and sustainable growth.