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.
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.
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.
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.
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.
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
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.