Yantai, a coastal city in East China's Shandong province [Photo/WeChat account: yantaifabu]

Yantai, a coastal city of Shandong province has set its development goals in this year's government work report and pointed out to seize the opportunities brought by the Regional Comprehensive Economic Partnership (RCEP) to boost the city's economic development.

According to the work report, the city will deepen cooperation with Japan, South Korea and countries in Northeast Asia. By 2025, the actual utilization of foreign capital is expected to exceed $10 billion. The import and export trade will amount to more than 400 billion yuan ($61.91 billion) and its GDP aims to reach 1 trillion yuan.

In 2020, Yantai saw rapid development in new growth drivers. Its GDP hit 781.64 billion yuan, up 3.6 percent year-on-year. The added value of industries above designated size rose by 7.7 percent year-on-year and the output value of emerging industries increased by 14 percent year-on-year.

A total of 297 high-tech enterprises were established in the city last year, bringing the total number to 1,120. The output value of high-tech industries accounted for 54.8 percent of the total industrial output value.

The Yantai government has also optimized the business environment for enterprises. The total number of listed enterprises in Yantai has reached 51, with total market value exceeding 800 billion yuan.

Yantai's marine economy has also experienced robust development. By 2025, the city's total output value of marine industries will exceed 250 billion yuan.