Business environment | govt.chinadaily.com.cn

Business environment

Updated: Dec 15, 2017 Print

Location

Like a pearl shinning on Shandong Peninsula, Yantai lies along the Yellow and Bohai seas, bordering Liaodong Peninsula, Japan and South Korea across the sea.

Yantai is an important center in the circum-Bohai-Sea area. It serves as a logistics hub connecting theBeijing-Tianjin Economic Circle, Yangtze River Delta and the Northeast Asia Economic Rim. It is also a gateway city to Japan and South Korea. The city was regarded by the American magazine Forbes as one of the most favorable for logistics development.

Economic strength

Yantai is the cradle of national industries. Changyu wine, Polaris watches and Tri-circle locks are renowned not just in China but all across the globe.

Opening up has made Yantai a promising land for foreign investment, which has helped upgrade local industries. A large number of companies, such as Shanghai GM Dongyue, Doosan Infracore, Daewoo Shipbuilding, Raffles Shipbuilding and Doosan Machine Tool, have shaped a new machinery industry. A large number of electronics companies, like Foxconn Electronics and LG Mobile Phone, have established a new electronics and information industry. Companies like Longda Group, Luhua Group, Andre Juice and Asahi Green Source, have contributed to the development of a new foodstuff industry. A large number of gold processing companies, like Zhaojin Group and Kinpo Electronics, have built gold-related business clusters. These fast-growing businesses are showing promising prospects for future local economic development.

Foreign trade

Yantai has forged trade partnerships with more than 200 countries and regions around the world, which has helped the city's imports and exports reach $50 billion per year. The coastal city ranks 24th in the list of China’s top 100 foreign trade cities.


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