Yantai releases plan to bolster manufacturing industry

Yantai on Aug 6 released a three-year plan to transform itself into an influential manufacturing city.

According to the plan, the city will develop clusters focusing on industries including green petrochemical, precious metals, automobiles, high-end equipment, electronic information, biological medicine and aerospace.

By 2023, the output value of high-end equipment will exceed 120 billion yuan ($18.52 billion), and the city will become a renowned high-end equipment manufacturing base. Meanwhile, the output value of food processing will surpass 100 billion yuan and the city will become a famous food capital.

By 2023, the output value of biological medicine is expected to exceed 50 billion yuan and the city will be viewed as an international demonstration city for life science innovation. At this time, the output value of the aerospace industry is expected to surpass 10 billion yuan.

More efforts will also be made to cultivate leading emerging industries such as artificial intelligence and integrated circuits.

The city will accelerate the construction of 5G network and digital infrastructure to promote the integration of 5G network technology and application. By 2023, an ecological system of industrial internet digital economy will be formed.

In addition, financial support will be provided to promote industrial development. A reward of up to 1 million yuan will be given to newly recognized State-level technological innovation demonstration enterprises.