The China (Shandong) Pilot Free Trade Zone Yantai Area signed a deal on Sept 1 with Fortune 500 Company CR Chem-Mat Co, which aims to produce high-end chemical materials in the area.

With an investment of $400 million, the project will focus on researching and developing nylon polymer materials, renewable materials and bio-based materials, with an expected annual output worth $977.7 million.

The China (Shandong) Free Trade Zone Yantai Area, launched on Aug 31, wants to attract the development of high-end equipment manufacturing, new materials, new generations of information technology, energy conservation and environmental protection, biomedicines and producer services.

Government officials explained that the area will ramp up efforts to cultivate three industries – chemical materials, automobiles, consumer electronics – each worth 100 billion yuan ($14.4 billion) and four industrial clusters each worth 10 billion yuan including semiconductors, biological medicines and intelligent manufacturing.

Yantai is expected to build the free trade area into a springboard for opening-up.