The coastal city of Yantai, Shandong province [Photo/IC]

Yantai, a coastal city in East China's Shandong province made significant progress in promoting trade with South Korea and Japan in 2020.

The city's actual use of Japanese and Korean capital last year was $220 million, an increase of 218 percent and ranking first in the province.

The actual use of Korean capital amounted to $120 million, while the actual use of Japanese capital was valued at $100 million.

A total of 167 Japanese and South Korean projects were introduced in 2020, and some of the world's top 500 companies, such as South Korean SK Holdings and Japanese Sharp Corporation, opened branches in the city for the first time.

The city hosted more than 10 online activities revolving around the "Connecting Shandong with the Fortune Global 500" series, during which agreements for 35 Japanese and South Korean projects involving healthcare, new materials, and high-end manufacturing were signed.

The local government also issued supporting policies to promote the high-quality development of the Sino-South Korea (Yantai) Industrial Park.

Furthermore, additional measures have been taken by the local government to optimize government services. Cross-border approval is now available and business licenses can now be obtained via online channels.