Yantai tops list of Shandong industrial cities

Yantai's industrial sector generated more revenue and profits in the first half of 2017 than that of any other city in Shandong province, according to data from Yantai's municipal commission of economy and information technology.

The city's total industrial revenues reached 931 billion yuan ($139 billion) in H1 2017, leading to total profits of 66 billion yuan, the statistics state.

The city's industrial sector is not only large, but is also growing rapidly. In the first half of 2017, the value-added of industrial companies above the designated scale in Yantai increased by 9.1 percent.

A ferry docks at the port in Yantai, East China's Shandong province. [Photo by Yan Gang/ chinanews.com]

Among the coastal city's 37 major industries, 28 saw their value-added increase in the first six months of this year, with the equipment manufacturing, instrument manufacturing, computers, textiles, garments, chemical fiber and food production industries experiencing the fastest growth.

Investment in projects based in Yantai economic and technological development zone has reached 147 billion yuan so far this year.

Emerging industries such as biomedicine, new materials and high-end equipment manufacturing are also generating new momentum for industrial growth in the city.

The city has produced several famous biomedicine companies, including Luye Pharma Group, Shandong Oriental Ocean Sci-Tech Co and Yantai Dongcheng Pharmaceutical Group.

The city's development in high-end equipment manufacturing has also achieved progress. Blue Whale 1 — the ultra-deep-water semisubmersible drilling rig built by the nation's largest semisubmersible platform manufacturer, China Yantai CIMC Raffles Offshore — conducted successful tests in the South China Sea in May.

China Yantai CIMC Raffles Offshore builds Blue Whale 1, the ultra-deep-water semisubmersible drilling rig. [Photo by Yang Bing/ chinanews.com]

Several Fortune 500 companies announced plans to invest in new projects in Yantai during the first half of 2017. More than 100 of the world's top 500 companies now operate in the city, including Mitsubishi, LG Electronics and Foxconn.

The city is home to five industrial clusters worth over 100 billion yuan, including hubs for automotive and auto parts companies, electronics and information technology firms.

The city ranked eighth in China in terms of the size of its industrial sector in 2016, with its industrial companies generating prime operating revenues of 1.63 trillion yuan.

One of China's first "open coastal cities", Yantai is also rapidly becoming an important trading hub. It has established trade ties with more than 60 countries and regions involved in China's Belt and Road Initiative, and imported and exported 52 billion yuan of goods in 2016.