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Yantai bags $10.3B investment in Beijing

(chinadaily.com.cn)
Updated: 2009-08-07 17:11

Yantai, a coastal city in Shandong province, secured 25 investment deals worth 70.5 billion yuan (US$10.32 billion) in Beijing on Thursday after cooperation talks between representatives from the city and centrally-administrated state-owned enterprises, some leading firms home and abroad, universities and research institutes.

The city also developed long-term strategic cooperation framework agreements with China Energy Conservation Investment Corporation (CECIC), China Datang Corporation (CDT), China Power Investment Corporation (CPI) and China National Chemical Corporation (ChemChina).

Situated on the Shandong Peninsula, south of the Bohai Bay, and parallel to the southern tip of Korea, Yantai is the largest fishing port in Shandong province. The city will boost its maritime resources and high-end industrial cluster under the "Blue Economic Zone" scheme initiated by the central government.