Yantai on fast track to high-quality development

The coastal city of Yantai, Shandong province is striving to promote high-quality development which has achieved fruitful results.

The city’s competitive industries accelerate. During the past three years, Yantai has introduced more than 400 high-quality projects, with a total investment of over one trillion yuan ($142.5 billion).

The ethylene project with an investment of 16.8 billion yuan by Wanhua Chemical is completed in two years and will be put into use in this September. The project helped fill the void in domestic market.

Wanhua Chemical, focusing on producing polyurethane, petrochemicals, performance chemicals and materials, has become a world-leading chemical manufacturer.

The city also cultivated three biomedical industrial parks each worth 10 billion yuan. A national-level aerospace industrial park was launched in Haiyang, a county-level city of Yantai, which will boost the city’s rocket manufacturing, satellite manufacturing and application industries.

More opening-up helps boost the city's high-quality development. The Yantai Area of the China (Shandong) Pilot Free Trade Zone, built in August, 2019, is also helping the city become more open in investment, finance, education and medicine.

To date, the city has witnessed 15,000 foreign-invested projects, with its actual use of foreign capital totaling $39.6 billion. It has also introduced 103 Fortune 500 companies.

In the first five months of the year, the city’s foreign trade value has amounted to 104.15 billion yuan, ranking second in Shandong province.

Yantai has received many Chinese and international honors, including being named among China's top 10 leisure cities, the most charming Chinese city, best tourism city, model city for comprehensive management of public security, and model city for environmental protection.