A four-lane road runs through the China-South Korea (Yancheng) Industrial Park. [Photo/js.xhby.net]
Yancheng in East China's Jiangsu province was affirmed to be one of the Chinese cities involved in the building of China-South Korea industrial parks when the two countries signed a free trade agreement on June 1, 2015. The State Council approved the establishment of the park in the city on Dec 11, 2017.
China-South Korea (Yancheng) Industrial Park was planned to cover 50 square kilometers. Based on the achievements of the Yancheng National Economic and Technological Development Zone, it would build a 42-sq-km core area for city-industry integration. Besides the first-level open port, Dafeng Port, an industrial supporting area which was planned to cover 8 sq km would also be established.
Major industries developed in the park include automobiles, electronic information, new energy equipment and modern services.
In recent years, about 20 preferential policies for the development of the park have been issued by the provincial and municipal governments. The utilization rate of the parent fund for the development of the park, which is worth 2 billion yuan ($296.5 million), has reached 90 percent.
There are currently more than 750 South Korea-owned giant firms in the park, including Hyundai Kia Motors, Mobis, Seoyon E-Hwa Co and Shinhan Bank, with total investment of $6 billion. The annual sales volume of South Korean firms has exceeded $15 billion. More than 20,000 South Koreans work and live in Yancheng all year round.