Yantai, one of the first 14 coastal cities in China approved to open up, embarked on that process in 1984.
Tian Zengcheng, who was the deputy director of the managing committee of Yantai Economic and Technological Development Area (YEDA) 24 years ago, said, ‘Great change has taken place.’
Along coastal stretches of bare sand in Shandong province,
the YEDA was established in October of 1984. Now YEDA
is a modern industrial city with skyscrapers
lining the once-deserted beach.
It has yielded great returns, with about 12,000 earthmoving machines made there sold overseas every year as nearly 800 cars rolls off its production lines every day and about 8,000 mobile phones are produced every hour.
The business environment has drawn investors from home and abroad, including 43 Fortune 500 enterprises and more than 60 world-famous multinationals from 37 countries and regions including the United States, Japan and South Korea.
Covering one-60th of the city, YEDA generates one-sixth of its GDP, one-fifth of revenues, a third of production value from high technology and half of the city’s total import and export value.
Source: English Peoples’ Daily Online