Yantai ascends as Shandong province's 3rd trillion-yuan level city

In a milestone event at the 14th Shandong Provincial People's Congress, Yantai was officially recognized as Shandong's third city to achieve a trillion-yuan (approximately $139 billion) economy. This remarkable achievement underlines Yantai's dynamic growth and strategic development.

A key driver of Yantai's success is its pioneering efforts in green energy. The city has been at the forefront of China's sustainable practices, as evidenced by its efforts to launch Shandong's first nuclear and offshore wind power projects and its establishment of the first national-level advanced energy demonstration zone.

Yantai is leading the charge in clean energy with an impressive installed capacity of 13.25 million kilowatts. Looking to the future, the city is poised to invest over 700 billion yuan to develop four major clean energy bases. This will firmly position the city as a renewable energy powerhouse in northern China.

Yantai's industrial strength is marked by significant investments in pivotal projects, showcasing a harmonious blend of immediate benefits and long-term growth potential.

In 2023, the city experienced significant expansion in its emerging "four new economies" - new technology, new business models, new development methods, and new industries. This growth also extended to its high-tech sectors and retail sales, outpacing both national and provincial averages.

Ambitious targets have been set in the city's latest government work report, focusing on GDP growth, public budget revenue, industrial output, and fixed asset investment. These goals reflect Yantai's commitment to continuous economic progress.

Yantai's remarkable journey is also fueled by its robust scientific research and innovation ecosystem. The city has made notable strides in advanced materials and new drug development, which is driven by a focus on attracting high-end talent and strengthening academic and research institutions. This strategic approach has been instrumental in propelling Yantai towards higher levels of industrial and technological sophistication.