Since its establishment, the Yantai Area of the China (Shandong) Pilot Free Trade Zone (FTZ) is committed to creating a new highland for opening-up to the outside world, according to local officials.

This year marks the third anniversary of the establishment of the Yantai Area of Shandong FTZ. The area recently held a news conference to introduce its achievements over the past three years' development.

The Yantai area has built two major economic and cultural exchange centers with the Republic of Korea (ROK) and Japan. It has also built characteristic platforms such as a Japan-ROK customs commercial street and a China-Japan-ROK sports and culture industrial park.

The area plans to build RCEP demonstration parks to boost international cooperation and form an optimal ecological environment for the agglomeration and development of foreign-invested enterprises.

An industrial base for small and medium-sized enterprises from ROK has been built in the China-ROK Industrial Park in the area.

The Yantai area has introduced the country's first national-level science innovation incubation platform from ROK, and added more than 100 ROK-funded projects.

It has been working to foster new forms and models of free trade. With its support, Foxconn's game consoles and other products have been included in the globally bonded maintenance list, and a globally bonded maintenance center has been built in the area.

In the past three years, more than 20,000 new market entities have been established in the area. The total amount of foreign capital used in the area reached $1.8 billion, and the area's total amount of foreign trade amounted to more than 400 billion yuan ($57.96 billion).