The "Connecting Shandong with Fortune Global 500" ASEAN special opens at Yantai branch venue on Sept 22. [Photo/ytcutv.com]

Yantai served as a sub-venue for the "Connecting Shandong with Fortune Global 500" ASEAN special on Sept 22.

Zhang Dailing, vice-mayor of Yantai, delivered a keynote speech and expressed his hope to promote cooperation between the two sides and pursue high-quality development.

According to Zhang, this year marks the 10th anniversary of the China-ASEAN Free Trade Area, and the Regional Comprehensive Economic Partnership will be signed this year, which will provide more opportunities for deepening economic and trade cooperation between Yantai and ASEAN countries.

Xu Ningning, executive director of the China-ASEAN Business Council, heaped praise on the opening of the conference.

The event suggested that China and ASEAN share a common destiny, should explore cooperation opportunities, and should jointly respond to risks and challenges, said Xu.

The Association of Southeast Asian Nations (ASEAN) has become an important trade partner for Yantai, a coastal city in East China's Shandong province.

In 2019, imports and exports between Yantai and ASEAN totaled 35.97 billion yuan ($5.29 billion), up 9.1 percent year-on-year.

From January to August this year, the value of trade between Yantai and ASEAN reached 23.42 billion yuan, an increase of 40 percent and accounting for 12.6 percent of the city's total trade.

Yantai is currently home to 529 investment projects from ASEAN countries, which have received a total of $3.26 billion in foreign investment.