Economic Situation

Date: 2016-01-15, Source: , Total Visits :

Economic Strength

Over the past 30 years since reform and opening up, Yantai has been witnessing rapid economic development with notable improvement of economic strength and well-established industrial foundation. In 2014, the city’s GDP amounted to 97.7 billion US dollars with per capita GDP of over 14,000 US dollars. The total economy ranked the 2nd in Shandong Province and the 21th in the nation.

Five Competitive Industries

In order to expand diversified industries and strive to build a highly competitive city for manufacturing, Yantai has established five competitive industries including machinery manufacturing, electronics & IT, food processing, gold, modern chemicals as well as ten product clusters including automobile, ship, computer, mobile phone, wine, etc.

Machinery Manufacturing

There are 636 related businesses which annual sales are over 20 million RMB Yuan each, with a total main business revenue of 50.8 billion US dollars in 2014. Fast-developing sectors are automotive industry, marine engineering and shipbuilding, as well as construction machinery. Major manufacturers include Shanghai GM Dongyue Auto Co., Ltd, CIMC Raffles Offshore Co., Ltd, DSME Shandong Co., Ltd. and Doosan Infracore Ltd.

Electronics & IT

There are 147 related businesses which annual sales are over 20 million RMB Yuan each, with a total main business revenue of 39.5 billion US dollars in 2014. The products include computer, communication equipment, electronic parts, electronic materials, software, information appliances, etc. Major manufacturers include Foxconn (Yantai) Scientific and Industrial Park, Langchao LG Mobile Communications Co., Ltd, Yantai Zhenghai Electronic Screen Co., Ltd, New Kinpo Group, Dongfang Electronics Co., Ltd.

Food Processing

There are 506 related businesses which annual sales are over 20 million RMB Yuan each, with a total main business revenue of 29.5 billion US dollars in 2014. The products include wines and liquors, fruit juice, fresh vegetables, aquatic products, animal products, edible oil, vermicelli, etc. Major manufacturers include Yantai Longda Group Ltd, Yantai Changyu Group Ltd, Yantai Siwin Food Co., Ltd, Yantai Luhua Group Ltd.

Gold

Both the reserve and production of gold in Yantai are No.1 in China. A gold Industrial chain, including gold mining, smelting, processing and mining machinery, is taking shape. There are 77 related businesses which annual sales are over 20 million RMB Yuan each, with a production of 174 tons of gold and a total main business revenue of 26.6 billion US dollars in 2014. Major manufacturers include Shandong Gold Group, Shandong Zhaojin Group, Penglai Jinchuang Group, Shandong Zhongkuang Group.

Modern Chemicals

There are 320 modern chemical companies, with a total main business revenue of 22 billion US dollars in 2014. The products include basic chemical materials, chemical fiber, refined petroleum products, rubber products, chemical fertilizer, etc. Major manufacturers include Yantai Wanhua Group Ltd, Yantai Juli Fine Chemical Co., Ltd, Yantai Taihe New Materials Co., Ltd, Linglong Group.

Well-known Brands

Yantai has 79 China well-known trademarks and 28 China top brand products. A number of brand names, such as Changyu, Longda, Luhua, Polaris, Nanshan, have built a notable reputation of “Made in Yantai”.

Active Consumer Market

In 2014, the per capita disposable income of Yantai’s urban residents is over 5,900 US dollars, per capita consumption expenditure over 3,900 US dollars. The total retail sales of consumer goods reached 38.7 billion US dollars. AEON, Wal-mart, Auchan, Metro and Hong Kong New World have opened stores in Yantai. Tesco, Carrefour and Lotte are preparing to establish their stores in Yantai.

Well-established Development Areas and Industrial Parks

There are four national-level development areas and special zones in Yantai, including Yantai Economic Development Area (YEDA), Yantai Bonded Port Zone and Yantai High-tech Industrial Park and Zhaoyuan Economic-technological Development Area. Meanwhile Yantai also has 10 Provincial-level development zones. YEDA ranks the 6th in the comprehensive evaluation of all national development areas in the country. Pillar industries of YEDA include automobile, ship, computer, mobile phone and new materials. Yantai Bonded Port Zone focuses on building a regional trade center, shipping center and high-tech industrial center. Yantai High-tech Industrial Park emphasizes on bio-technology, electronics and IT, new materials, services outsourcing, aviation technology and marine technology. The development priorities of Zhaoyuan Economic-technological Development Area are gold, electronics and IT, automotive parts, machinery manufacturing, new energy and new materials.


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