The Yantai economic and technological development zone has been designated a national foreign trade transformation and upgrading base, the only one of its kind in Shandong province, local media reported in March 6.

The base, mainly specializing in functional polymers and composite materials, includes some leading enterprises, such as Wanhua Chemical Group, Taihe New Material Company and CECEP Valiant Company, which form a unique functional polymer industrial cluster.

A foreign trade transformation and upgrading base could play one of the following roles: an industrial cluster, an economic and technological development zone, a hi-tech development zone, a customs area under special supervision and a demonstration industrial park.

The base is also home to China's polyurethane and aramid composites industry, which had an import-export volume of more than 10 billion yuan ($ 1.49 billion) in 2017, and has built China's largest aramid fiber production base.

The approval is of great significance in further optimizing foreign trade structure, accelerating foreign trade development mode transformation and promoting export industry development in Yantai port.