Flowers adorn the road next to the west square of the National Exhibition and Convention Center for the upcoming fifth China International Import Expo in Shanghai. [Photo/VCG]

The fifth China International Import Expo (CIIE) will be held from Nov 5 to 10 in Shanghai, and enterprises in the coastal city of Yantai, Shandong province are ready for the annual event.

Since it was first held in 2018, the CIIE has opened its doors to the world. Yanai has grasped the great opportunities brought by the CIIE and achieved fruitful outcomes in economic and trade cooperation.

According to official data, during the past four CIIEs, Yantai signed 74 investment and trade projects with a combined investment of 49.3 billion yuan ($6.8 billion) and its cumulative trade turnover exceeded $80 million. These signed projects have injected new impetus into the city's transformation from old to new growth drivers, and advanced Yantai's high-quality development.

At the fourth CIIE, Yantai signed 18 key projects worth a total investment of 14.3 billion yuan and contracted foreign investment of $283 million, which have boosted the city's opening-up. Official data showed that from January to August this year, the actual use of foreign capital in the city was $1.85 billion, an increase of 14.7 percent year-on-year, 8 percentage points higher than the provincial level, while its actual use of foreign investment in the manufacturing sector reached $870 million, ranking first in Shandong.

It is expected that 30 projects of Yantai will be signed at this year's CIIE, which will bring combined investment of about 27.23 billion yuan.

Yantai's fruitful outcomes at the CIIE show that the city has embraced an export-oriented growth model and is committed to promoting high-level opening-up.