Economic Situation

Date: 2016-01-18, Source: , Total Visits :

Industrial Foundation

With solid industrial foundation, Weihai is one of key cities with hi-end industry clusters in Jiaodong Peninsula. There are 20,000 industrial enterprises, including 1630 enterprises above designated size and 13 listed enterprises. It is one of the largest production bases of fishing tackles, tires, medical polymer products, woodworking machinery and carpets in China. It owns 19 China famous brand products and 28 China well-known trademarks.

Weihai has witnessed a quick development in the past few years in terms of its economy and social undertaking. Listed as one of the 50 economically strong cities in China, the overall strength of Weihai has been prominently increased, and people’s living standard has been obviously raised.

Development Strategy

The Central Government of the People’s Republic of China formally approved “the Development Planning of Shandong Peninsula Blue Economic Zone” on January 4, 2011. Since then, the construction of Shandong Peninsula Blue Economic Zone had been promoted to a state strategy. Weihai is the key city in the core area of Shandong Peninsula Blue Economic Zone. It is planned to establish three special districts, including high-end marine industry gathering district, experiment district for regional economic cooperation among China, Japan and South Korea, and coastal eco-tourism holiday resort. In 2015, CKFTA chose Weihai and Incheon as demonstration areas for local economic cooperation under the framework of CKFTA, a state strategy which went into effect on Dec. 20, 2015.

Opening to the Outside World

Located at the core area of Northeast Asian Economic Rim, Weihai is one of the best cities in terms of economic development and dynamic. At present, Weihai has established friendly relationship with 48 cities in 23 countries, economic and trade cooperation with 189 countries and regions all over the world. Weihai now has 4 national level development zones, 5 provincial level economic development zones, 4 provincial level tourist holiday resorts and numerous special professional parks, which can undertake industrial transfer of different kinds and levels. There are over 2000 large-scale foreign invested enterprises and the annual import & export trade value reaches USD 17 billion. Weihai is in the leading list of Shandong Province in terms of economic openness. Many top 500 companies and famous multinational companies have invested in Weihai, including Hyundai Heavy Industry Co, Lotte Group, Samsung Electronics, Samsung Heavy Industry, SK Group, Kumho Asiana, from South Korea; Mitsubishi Business, Mitsubishi Electric, Table Mark Co, Itochu Business, Aeon from Japan; Morgan Stanley, Medtronic, Cooper and Jardon from USA; Bekaert and Beaulieu from Belgium; Esab from Netherland; ArcelorMittal from Luxemburg; Air Liquide and Auchan Group from France; Orica from Australia; China Resources (Holdings) Co., Ltd., Shenhua Group and Weiqiao Pioneering from Hong Kong.



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