Economy of Yantai

In terms of GDP, Yantai ranks 19th among all large and medium sized cities in China. However, in terms of annual GDP Growth Rate, Yantai ranked Number 1 in China, with a growth rate of over 20% (See table below). In Shandong Provinc Economy e, Yantai is currently the second largest industrial city, second only to Qingdao. Corporations from over 50 countries have invested in Yantai,including more than 20 well-known multinationals. Total contracted investment capital is approximately RMB 61.42 bn.

As of 2003, Total GDP was RMB 163.9 Billion, and GDP per capita was RMB
25,183, which ranked number 3 of the 17 cities in Shandong Province. The number of individual and private business of the Yantai increased to 13.560000 units and the tax revenue (without individual income tax and interest ) reached RMB 1.088 billion. The social security system has been established, which includes endowment insurance, unemployment insurance, medical treatment insurance, industrial injury insurance and birth insurance. Altogether 554,000 enterprise employees have participated in endowment insurance; 120,000 enterprise retirees received pensions on time; the total amount of insurance premium was RMB 1.64 billion, among which endowment insurance is RMB 1.05 billion, medical treatment insurance is RMB 473 million, unemployment insurance is RMB 100 million, birth insurance is RMB 14.263 million and dustrial injury insurance is RMB 4.22 million. The market price remains stable. Consumption price rose by 0.4% since 2000 and was 0.6% lower than the same period of 2001. Price index of industrial products was 98.8%.
Foreign Trade - Yantai has established trading relationship with more than 180 countries around the world. Korea, Japan and USA are the main trading partners. In 2006, total import and export volume reached USD 15.08 billion, in which the export volume reached USD 6.28 billion, and imports reached USD 8.8 billion.

Foreign Investment - By 2006, there was foreign investment from more than 70 countries and regions in Yantai. The total number of foreign investment projects is 10,150, with contractual foreign investments of 30.37 and an actual foreign investment of USD 12.82 billion. At present, there are more than 70 world top-500 companies and multinational companies investing in Yantai, including LG, Hyundai, SK and Daewoo from Korea, Mitsubishi, Itochu, Toyota, Honda, Denso and Idemitsu from Japan; GM, CSX world Terminal and Timken from USA; GB, and Henkel from Germany; Total Group from France; Foxconn from Taiwan; China resources, Bank of China and New World from Hong Kong; FHTK and Sembawang from Singapore; and Continental Cement from Philippines.

Economic Statistics of Yantai
(Sources: Shandong Provincial Government; Yantai Investment Development
Board; Yantai Municipal Bureau of Statistics, and BHDE Management
Consulting Company)