New era in China: Yantai should be known by more people

Martin Wagen from Switzerland has been in Yantai, East China's Shandong province, for three and a half years. One of the reasons that Martin came to Yantai was the strong momentum of economic development in the Yantai Economic and Development Area (YEDA). In his opinion, the YEDA is full of vitality, and he feels that more people should discover and know about Yantai.

The YEDA, one of the first 14 State-level development zones approved by the State Council of China in 1984, has up to now attracted more than 80 Fortune 500 Companies to settle in Yantai. In 2021, the actual use of foreign capital in the YEDA reached $619 million.

As a financial consultant and business developer in the YEDA, one of Martin's responsibilities is to promote economic and trade cooperation between the local government and enterprises and foreign enterprises, and help them better understand each other.

He found that it is not only foreign companies that are better adapting to the Chinese market, but more and more local companies have realized the importance of opening up and innovation, and are enhancing their international competitiveness. "You see many Chinese companies now come up with fantastic new products that are out-competing their western counterparts very easily", he said.

Watch the video to find out more.