Multi-billion yuan package to 'jump-start' Yantai

A staggering 253 new projects - worth more than a total of 58.5 billion yuan - have been announced by the city of Yantai over the last two weeks. The city, the largest fishing seaport in the Shandong province, unveiled the huge package of initiatives as part of its contribution to China's national policy of fiscal stimulus.

Sun Yongchun, secretary of the Yantai Municipal Committee of the Communist Party of China (CPC) and a deputy of the National People's Congress (NPC), said: "The ongoing global financial crisis is going to ensure a tough time for our economy. Instead of shrinking from the challenge, however, we are taking the initiative, moving forward and grasping every development opportunity."

Yantai's target for economic growth in 2009 sees it aiming for an 11 percent increase in gross domestic product (GDP) and a 20 percent increase in fixed asset investment. It is also predicting a 16 percent rise in retail consumer goods turnover and a 6.5 percent increase in levels of foreign trade.