The Yantai Municipal Government holds a press conference to introduce the performance of its industrial sector in 2017 and outlines its development goals in the sector for 2018 on Jan 11. [Photo/yantai.dzwww.com]

The performance of Yantai's industrial firms in 2017 was the best in Shandong province, according to data released at a press conference jointly held by the Publicity Department of the Yantai Municipal Party Committee and Yantai Municipal Commission of Economy and Information Technology on Jan 11.

In the first 11 months of 2017, the prime operating revenue and profits for industrial firms above the designated scale in Yantai reached 1.36 trillion yuan ($210 billion) and 97 billion yuan respectively, both ranking 1st in Shandong province, officials said at the conference.

Officials also noted that industrial firms above the designated scale have contributed to about half of the city's gross regional production and tax revenue, becoming the major driving force of economic growth in Yantai.

The city was acclaimed by the State Council for its breakthroughs in promoting steady industrial growth, and economic transformation and upgrading. In November, Yantai received an honorary title as a famous horologe city from the China National Light Industry Council and China Horologe Association, which served as a new name card for the coastal city. In December, four county-level cities under its governance — Longkou, Zhaoyuan, Laizhou and Penglai — were included in the list of Top 100 Counties with Competitive Industries in China.

In 2017, the city rolled out an ambitious development plan for its industries, setting a target of generating industrial operating revenues of more than 2 trillion yuan by 2020.

The industries identified in the plan are information technology, food processing, non-ferrous metals and precious metals, high-end new chemical materials, equipment manufacturing, automobiles, and medical and health care.

The plan anticipates that by 2020 the city will have seven key industries into major drivers of economic growth generating hundreds of millions of yuan per year.

Based on the fruitful development of its industries in 2017, the city also specified its development goals in 2018.

It will focus on the development of smart manufacturing and cultivate at least three demonstration projects in the sector in 2018. Officials pledged to cut taxes and fees to ease burdens on companies, improve policies on the administration of corporate financing and cultivate more entrepreneurs.