Shandong provincial government has pledged to offer strong support to build the China-South Korea Industrial Park, in Yantai into a demonstration area for Sino-South Korean cooperation as well as to develop it as an international logistics hub.

Located in East China's Shandong province and geographically close to South Korea, the park focuses on construction machinery, vehicle and other high-end manufacturing, also on energy-saving and biotechnology sectors.

Investment restriction will be loosened for South Korean companies engaged in new-energy vehicle construction, ship and component construction. Cooperation on maritime technology and maritime talent training will be strengthened.

In addition to attracting more financial companies to the park, the government will encourage it to build a cold-chain logistics base and strengthen business ties with South Korea.

Cross-border e-commerce, maritime transport and gaming equipment manufacturing have also been encouraged in the park.

The government will also support the companies in the park to be listed on main, small and medium sized enterprises (SME), and Growth Enterprise Market boards.

The Year of Chinese Tourism in South Korea in 2015 and the Year of South Korean Tourism in China in 2016 have brought Yantai great opportunities to boost tourism. Shandong will launch a 72-hour visa-free transit policy for individuals from South Korea and a 15-day visa-free policy for tour groups. It will also promote self-driving tourism in Yantai to make the city a hot spot for both South Korean and Chinese visitors.