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Yantai thoroughly remoulds itself via opening up

2018/8/9 15:21:25

In 1984, Yantai was approved as one of the first batch of cities open to the world. After 40 years of development, it has ascended into one of the top 20 cities in economic strength in China from then an obscure coastal town. On the occasion of the 40th anniversary of China’s reform and opening up, journalists of more than 30 top news outlets from home and abroad were invited toYantai to see the huge change and progress the city has made.

Bathing in the spring wind of reform, Yantai seized historical opportunities that the country expanded opening-up and realized a rapid growth of open economy, from small to large and from weak to strong.

Since 1984, Yantai has realized a jump in import-export volume from 0.17 billion dollars to 307.76 billion yuan and an increase of import and export enterprises from 1 to 4,496. At the same time, the city’s per capital regional GDP has raised from 795 yuan to 104,000 yuan while the per capital disposable of urban residents and rural residents from 623 yuan and 505 yuan to 41,837 yuan and 18,051 yuan respectively.

By the end of 2017, Yantai has attracted a total of 14,029 investment projects from more than 90 countries and regions, and actually used $34.23 billion of foreign investment. 101 Fortune Global 500 companies have invested to set up 151 projects in Yantai.

A total of 336 Yantai-based investors had invested in 539 projects in 72 countries and regions by the end of 2017, with the agreed investment amount standing at $6.72 billion and a large number of outstanding multinational enterprises springing out.

Last year, Yantai became one of the three core areas of comprehensive experimental areas of shifting the old driving forces of development to the new in Shandong, was dubbed the key city of the “B&R” initiative and approved by the State Council to set up the Sino-South Korean (Yantai) Industrial Park. Driven by these major strategies, Yantai's opening-up will achieve bigger leapfrog development.

After nearly 40 years' development, Yantai has been marching toward the forefront of opening up. “Yantai Speed”, “Yantai Height”, “Made in Yantai” and other labels constantly renew the world's perception of Yantai.

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