Yantai Bonded Port Area was established in 2009 and is the second bonded port area in Shandong and the 13th in China. The area is also the first of its kind in China that has integrated former import-export processing zones and several small ports.
The area now covers an area of 7.26 square kilometers, including an eastern area that handles port operations and logistics, and a western area responsible for processing and manufacturing, with the aim of boosting the city's marine economy through trade, shipping and hi-tech industries.
As an opening-up port, it has eight major functions: goods storage and logistics; international trade; international procurement, distribution and delivery; international transfer; maintenance; commodity display; research, processing and manufacturing; and loading and unloading containers.
Thanks to favorable tax policies, the area enjoys steady economic growth. Imported and exported trade volume totaled $15.74 billion in 2013 and the value of logistics goods topped $9.8 billion, taking the lead among the 14 bonded port areas in the country.
In addition, the port area has established five commodity display centers, attracting more than 100 dealers from over 30 countries, with 3,000-odd varieties of goods on display such as grape wine, milk powder and healthcare products. The centers have helped Yantai enhance communications and cooperation with countries from Asia, Europe and America.
In July 2013, the seventh Yantai International Wine Expo was held in the port area. More than 600 exhibitors in China and abroad attended the expo, which helped promote Yantai’s brand as an international wine city.
In March, Yantai was approved by the General Administration of Customs as the 14th pilot city for cross-border e-commerce services. A cross-border e-commerce industrial park is under construction.
The port area is now a hot spot for foreign investment, which has enterprises from over 10 countries such as South Korea, Japan, the US and Singapore. It relies on three pillar industries -- electronic products manufacturing, auto parts processing and bonded services.
Since its founding, the port's container handling capacity has increased from 1.5 million TEUs (twenty-foot equivalent unit) to more than 5 million, making it a powerful engine for Yantai's marine economy development.
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