Yantai, a coastal city in East China's Shandong province attracted over $3 billion in foreign capital in 2020, a year-on-year increase of 54.8 percent and a record high for the city, officials said.

Last year, the city’s foreign investment structure was further improved. The foreign investment in the secondary industry reached $850 million, up 16.2 percent and accounting for 37.3 percent of the city's total, while investment in the tertiary industry accounted for 60.5 percent of the total.

A total of 162 projects worth over $10 million each were introduced, including 11 projects by the world's top 500 companies such as South Korean SK Holdings, French Air Liquide, and Japanese Sharp Corporation.

In addition, 102 foreign-invested enterprises began operating in Yantai last year, up 25.9 percent year-on-year. Contracted foreign investment reached a value of $1.37 billion, an increase of 43.7 percent year-on-year.