A satellite industry summit was held in Yantai, a coastal city in East China's Shandong province, on July 7.

The summit issued policies on the Yantai High-tech Zone accelerating the development of satellite research and applications to bolster the city's satellite and application industries. It involves 14 measures focusing on the satellite industry, satellite application, and development of public platforms.

The Yantai Satellite Industrial Park and the Shanghai Beidou Navigation Technology Innovation Functional Platform Scientific and Technological Achievement Transformation Center (Yantai) were unveiled at the summit.

According to Yu Wenxian, chief scientist of the China Beidou West Hongqiao Base, the center will be developed into an innovation platform for the navigation industry that engages in research and development, industrialization, and investment to enhance the city’s implementation of the national Beidou strategy.

Agreements for nine projects receiving a total of 1.5 billion yuan ($231.6 million) in investment were signed. These projects will be built in Yantai High-tech Zone to bolster the city's aerospace industry.

The city's aerospace industry has seen robust development and a number of aerospace institutions and parks have been built. Local officials say that the city will further increase support and investment to promote technological innovation in the field.