Yantai topped the list of 16 cities in Shandong province in terms of achievements made in promoting high-quality development in 2022, according to a recent official assessment report.

The city has demonstrated comprehensive strength in domestic demand expansion, opening-up, and industrial upgrading.

Surging economy  

In 2022, Yantai achieved a GDP of 951.59 billion yuan ($138.11 billion), up 5.1 percent year-on-year.

The city obtained the best score of 103.91 for domestic demand expansion, with breakthroughs in sub-categories like GDP, contribution and completion rates of key projects, per capita consumption expenditure of residents, as well as total retail sales of social consumer goods. The results were in line with Yantai's year-round endeavor to stabilize investment and boost consumption.

In terms of investment, Yantai planed 325 key projects with an investment of more than 200 billion yuan, including the Yulong Island refining and chemical integration project, the second phase of Wanhua's ethylene plant, as well as Wanhua New Materials Low-carbon Industrial Park.  

Yantai issued 170 million yuan of consumer coupons to fuel consumption in industries like automobiles, home appliances, catering, and sports. The online retail sales of Yantai totaled 43.68 billion yuan last year, an annual increase of 25.9 percent.

Jiang Cheng, Party secretary of Yantai, said the city has made great strides over the past year and will aspire to boost high-quality development in the future.

Zheng Deyan, deputy Party secretary of Yantai, said the city should maintain growth momentum and march toward the goal of becoming a metropolis with a GDP exceeding 1 trillion yuan.

Industrial development

In 2022, the added value of industries above designated size in Yantai surged by 10.8 percent, outperforming other cities in Shandong.  

Yantai has always made the steady growth of industries a priority. For example, the city has launched an innovative mechanism to bolster its 16 key industrial chains in which government officials, industrial parks and enterprises all take a part in the process. It is advancing its 9+N sectors, with an output value of 870 billion yuan, and the city has formed industrial clusters of non-ferrous and precious metals, green petrochemicals, high-end equipment, electronic information, automobiles, as well as food deep processing.

Yantai sent 1,855 Party members from all levels to support the development of 3,139 enterprises and ensure the stability of industrial and supply chains. In addition, the city cultivated 200 enterprises and issued 10 reward policies.

This year, Yantai is accelerating 197 high-end manufacturing projects under the 9+N layout, with a total investment of 710 billion yuan and an annual planned investment of 141.1 billion yuan. It has 244 projects in its 16 key industrial chains, with a total investment of 833.29 billion yuan and an annual planned investment of 179.48 billion yuan.  

Opening-up

As a coastal city, Yantai embraces the world with an open mind.

The city scored 93.94 in terms of higher-level opening-up, ranking first in the province, with eye-catching performances in the amount and quality of foreign capital, comprehensive strength of development zones, as well as foreign investment.

In 2022, the city's trade volume reached 454.74 billion yuan, up 10.5 percent year-on-year. Its actual use of foreign capital amounted to $2.98 billion and its completed foreign investment totaled $1.53 billion, up 23.2 percent year-on-year.

Yantai also launched an investment platform and introduced 811 domestic and foreign projects.