Accelerate the implementation of the Belt and Road Initiative

Yantai was awarded as one of most dynamic Belt and Road cities of 2016. It invested $280 million in 12 newly approved projects in countries along the Belt and Road Initiative routes. Another 19 new contracted projects have been signed with a total value of $290 million.

By the end of 2016, Yantai had 139 approved projects with contracted investment reaching $1.1 billion in 28 countries along the Belt and Road, covering various fields including finance, energy, agro-processing and infrastructure construction.

As of now Yantai has trade deals with 64 countries and regions along the Belt and Road. The city's import and export to countries and regions along those routes amounted to 52.64 billion yuan, accounting for 18.1 percent of Yantai's total foreign trade volume, and experienced a year-on-year growth of 0.9 percent.

The instruction of industrial parks has been identified as an important link in the new round of furthering the city's reform and opening up. The construction of Yantai's China-Korea Industrial Park also achieved some first-stage results in 2016. Eighty-seven projects invested by Korean enterprises were approved last year, with a contractual value of $470 million, of which $280 million has actually been paid in.

The China-Korea Industrial Park in Yantai. [Photo by Ju Chuanjiang/dzwww.com]

Yantai was named a provincial cross-border e-commerce comprehensive pilot area and a provincial service trade innovation pilot city in 2016. Those designations will develop its productivity in trade of goods and services.

A beautiful sunset view of the Port of Yantai, which has always been a major trading port for northern China, and a key starting point of the Maritime Silk Road.[Photo/Jiaodong.net]