Yantai economic zone introduces new investment project

The Administration Committee of Yantai Economic and Technological Development Zone announced the settlement of Liberty Insurance on Dec 27, which is its 80th investment project of the world's top 500 enterprises.

Liberty Insurance in China is a wholly owned subsidiary of the American company of Liberty Mutual Insurance Group. In 2017, the Group ranked 75th in Fortune US 500 and 265th in Fortune Global 500. 

Yantai Economic and Technological Development Zone, as one of the first 14 national development zones approved by the State Council of China in 1984, is favored by foreign investors.

More than 1,500 foreign investment projects have settled in succession, represented by the world's top 500 enterprises such as GM, LG and Foxconn. The projects cover many fields including cars, computers, mobile phones, ships and new energy.

According to the administration committee, foreign projects have brought abundant capital flows, advanced technology and a large number of jobs to the region.  

Meanwhile, these companies continue to add investment and new projects. The total investment of GM's production base in the zone has increased from 7.68 billion yuan ($1,181 million) to more than 40 billion yuan since its establishment in 2013. With more and more models being produced, it has developed into an important single car and powertrain production base in China.

Yantai in Shandong province is an important pivot city of the 21st Century Maritime Silk Road. It was awarded by the World Bank as the gold medal city of China's investment environment.

So far, the city has accumulated more than 13,000 foreign investment projects with the actual use of foreign investment reaching $320.