The Shandong Provincial Government has recently launched an action plan to build an international investment industrial park involving the cities of Jinan, Qingdao, and Yantai.

A total of 30 square kilometers in Yantai, including downtown areas in Fushan district, Mouping district, the Yantai Economic and Technological Development Zone, and Yantai High-tech Zone, will be included as part of the park.

All these areas enjoy a strong economic foundation and will contribute to the development of the park.

The areas achieved a total GDP of 230.9 billion yuan ($32.57 billion) last year, accounting for one-third of the city's total GDP. Actual use of foreign capital and imports and exports accounted for more than half of the total number in Yantai.

Twenty-three construction projects being carried out by the world’s top 500 companies will provide the park with an abundance of talent, a strong logistical network, and plenty of capital.

The park will focus on developing three industrial clusters revolving around high-end new chemical materials, marine biology and healthcare, and high-end equipment manufacturing.

The three sectors, each of which is valued at over 100 billion yuan in Yantai, offer great industrial potential to support the park's development. Wanhua Industrial Park, which cost 110 billion yuan to build, will also be located in the park and will provide high-end R&D institutions and talent.

Some local preferential policies related to attracting foreign investment, R&D institutes, and technological innovation will also benefit the new park.

In addition, 50 million yuan of subsidies will be given to high-end institutions and top talent teams.