Business environment improves in Yantai, a coastal city in East China’s Shandong province. [Photo/IC]

The coastal city of Yantai, East China‘s Shandong province, ranked third among Chinese cities in terms of the economic vitality of its business environment, following Suzhou and Nantong, according to a report released on June 18.

The business environment report, compiled by China Media Group, is formed through a combination of World Bank business environment assessment system criteria, international evaluation indicators, and domestic criteria.

Cities are evaluated in five areas – infrastructure, human resources, financial services, government environment, and innovation.

The report reflects the progress and achievements the cities have made in improving their business environments.

Yantai boasts a healthy environment, robust industries, and abundant marine resources. It has attracted investment from many Fortune 500 companies over the years.

The new Yantai Area of the China (Shandong) Pilot Free Trade Zone, launched in August 2019, is helping Yantai become more open to investment, finance, education, and medicine, and the city is allowing more foreign-owned or foreign-funded enterprises to operate and invest in more areas.