Yantai Bonded Port Area proves attractive for foreign firms

Established in 2009, Yantai Bonded Port Area is the second bonded port area in Shandong and the 13th in China. The area is also the first of its kind in China that has integrated former import-export processing zones and several smaller ports.

The area now covers an area of 7.26 square kilometers, including an eastern area that handles port operations and logistics, and a western area responsible for processing and manufacturing, with the aim of boosting the city's marine economy through trade, shipping and high-tech industries.

As a port dedicated to the opening-up strategy, it has eight major functions: goods storage and logistics, international trade, international procurement, distribution and delivery, international transfer, maintenance, commodity display, research, processing and manufacturing, and the loading and unloading of containers.

Thanks to favorable tax policies, the area has been enjoying steady economic growth. The total value of import and export trade totaled $13.93 billion in 2015, ranking near the top among the 14 bonded port areas in the country.

Since its founding, the port's container handling capacity has increased from 1.5 million TEUs (Twenty-foot Equivalent Unit) to more than 2.45 million in 2015, making it a powerful engine for the development of Yantai's marine economy.