The Yantai area of the China (Shandong) Pilot Free Trade Zone [Photo/WeChat Account:yantaifabu]

The Yantai area of the China (Shandong) Pilot Free Trade Zone (FTZ) announced its inauguration in Yantai, Shandong province on Aug 31, 2019.

The area covers an area of 29.99 square kilometers and is located in the Yantai Economic and Technological Development Zone. It consists of the Sino-Korea (Yantai) Industrial Park and the west part of the Yantai Bonded Port Area.

It will focus on the development of high-end equipment manufacturing, new materials, new generations of information technology, energy conservation, biomedicine, and producer services.

Yantai is expected to develop the new area into a pilot zone for trade and investment cooperation between China and South Korea and to serve as an intelligent marine manufacturing center.

Industrial foundation

The Yantai area of the Shandong FTZ is located in the Yantai Economic and Technological Development Zone, which provides it with a strong industrial foundation. The zone is home to more than 3,000 industrial companies involved in manufacturing, electronic information, biological medicine, chemical new materials, and intelligent manufacturing.

The zone is also home to 124 financial institutions and has set up 174 funds totaling more than 130 billion yuan ($18.65 billion). It has 215 scientific and technological innovation platforms, including 130 above the provincial level, and seven international five-star hotels, including Sheraton, Hilton, and Marriott.

Regional advantages

The Yantai area of the Shandong FTZ is situated in the south of the Bohai Economic Rim area, one of China's largest economic circles. It faces Liaodong peninsula, Japan, North Korea, and South Korea across the sea. It is also located at the central point between Beijing, Shanghai, and Seoul.