Yantai launches 90 key projects worth $17.84b

Yantai city in Shandong province held a launch ceremony for 90 key projects with investments totaling 113.28 billion yuan ($17.84 billion) on March 28.

The investment amount for each of the projects exceeds 100 million yuan. The 90 projects include 19 projects each worth over 1 billion yuan and 31 projects each worth over 500 million yuan, according to Wang Songjie, director of Yantai's reform and development commission.

The key projects span a range of sectors, including 47 in the manufacturing sector, 20 in the service sector,18 in the infrastructure sector and five in the agriculture sector.

Among the key projects, four major new materials projects are expected to give a boost to the development of the Huang-Bohai New Area in Yantai, Wang said.

On the same day, a signing ceremony for attracting investment projects from the world's top 500 companies to key industries in Yantai was also held. Deals for 33 selected projects with investments totaling about 24.52 billion yuan were signed, spanning industries like high-end equipment, aerospace and clean energy.

Cai Zhiwei, executive vice-president of American company H.B. Fuller, said that Yantai's business and investment environment is getting better and better, and the company will invest more in Yantai.