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Yantai Sets New Opening Pattern to Lure Foreign Investment
As one in the first group of China's coastal cities opening to the outside world, Yantai of Shandong Province is striving to create a sound investment climate to attract more foreign funds.
So far, more than 50 countries and regions have come to invest in the city, among the 4,000-odd foreign-funded companies set up in the city, 1,900 have started operation. The more than 5,800 foreign-financed projects involve a total contracted value of US $7.64 billion, and paid-in foreign funds to the tune of US $ 4.55 billion.
The accelerated construction of its "three zones"-the Yantai Economic and Technological Development Zone, the Yantai APEC Technology Industrial Park Area and the Export-oriented Industrial Processing District-has led to the formation of a momentum for comprehensively pushing forward opening to the outside world. After 15 years of development, the fixed asset investment of the economic and technological development zone has reached 14 billion yuan, more than 24 countries and regions have invested in this development zone. The 805 foreign-invested projects involve a total investment of US $ 2.71 billion.
An excess of 40 overseas transnational companies have flocked to the city for cooperation. Now foreign businesses tend to invest in big projects instead of the previous small ones, the contracted value of foreign capital of the 182 large projects, each with an investment at or above US$10 million, has made up 53.2 percent of the gross foreign capital of the city's foreign-funded enterprises.
High-tech industries have emerged as a new force driving the city's economy forward. Some 7,000 advanced production lines have been imported from abroad and 60 percent of traditional industries and old enterprises have upgraded their technologies. As a result, large numbers of enterprises are radiating fresh vigor and vitality, there are now 196 high-tech projects co-funded by Chinese and foreign firms.
By PD Online staff member Li Yan
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