The China (Shandong) Pilot Free Trade Zone Yantai Area announced its inauguration in Yantai, eastern Shandong province on Aug 31, in a further step to drive the city's opening up.

Zhang Shuping, Party secretary of Yantai, told at the unveiling ceremony that the establishment of the area pushes the city's opening-up into a new era.

Yantai aims to develop the new area into a pilot zone for trading between China and the Republic of Korea for investment cooperation and also to be a marine intelligent manufacturing base, based on its regional advantages.

Covering an area of 29.99 square kilometers, the Yantai area of Shandong FTZ consists of the Sino-Korea (Yantai) Industrial Park and the west part of Yantai Bonded Port Area, located in the Yantai Economic and Technological Development Area.

According to the overall plan released by the State Council,  the area will see the development of high-end equipment manufacturing, new materials, new generations of information technology, energy conservation and environmental protection, biomedicines and producer services.

Contracts for 12 top-quality projects to be developed in the area were also signed at the ceremony, with a total investment of 11 billion yuan ($1.59 billion).

These projects cover the fields of biomedicines, new materials, intelligent manufacturing, energy conservation and environmental protection.

Yantai plans to build the free trade area into a springboard for economic opening-up by optimizing international business environment, promoting its marine economy, boosting financial economy and giving full play to new industrial clusters, officials said.

Zhang Shuping (L), Party secretary of Yantai and Chen Fei (R), mayor of Yantai, attend the unveiling ceremony for the China (Shandong) Pilot Free Trade Zone Yantai Area on Aug 31. [Photo/jiaodong.net]

The China (Shandong) Pilot Free Trade Zone Yantai Area is ready for business. Contracts for 12 high-quality projects, worth 11 billion yuan, are signed at the launch ceremony. [Photo/jiaodong.net]