Yantai announced that it has set up a fund of 300 billion yuan ($43.5 billion) for the transformation of old growth drivers.

Its five-year (2016-2020) development goal for the proportion of strategic emerging industries to the city's GDP is to reach 16.2 percent by 2022, with the proportion of new economy to the GDP to be at least 30 percent.

Zhang Shuping, Party chief of Yantai, said the city is an industrial hub and has huge potential in developing the maritime economy with its vast sea area, a long coastline and rich maritime resources.

It plans to give special attention to the establishment of an advanced manufacturing city and the creation of a springboard for cooperation and opening-up toward Northeast Asia.

Recently, Yantai has built a city-level major project library relating to the conversion of old and new growth drivers, which consists of 300 projects, with the total investment estimated to reach more than 887 billion yuan.

Thriving Yantai port in East China's Shandong province. [Photo/VCG]