China-ROK Industrial Park approved by State Council
2017-12-18 17:07:00

The State Council approved the establishment of a China-Republic of Korea (Yancheng) Industrial Park on Dec 11, indicating the project has become a state-level cooperation park and solidifying Yancheng city's position as an important nodal city on the Maritime Silk Road.

The State Council demanded the China-ROK Industrial Park give full play to its comprehensive advantages and set a benchmark for local economic cooperation and high-end industrial cooperation between the two countries. It also urged the project to implement provisions in the China-ROK free trade treaty and strive to be a pioneer for deepening China's supply-side structural reform, building an innovative country at a faster pace, pushing the alignment of the two countries' development strategies, and jointly developing the Belt and Road routes.

Located at the confluence of the Belt and Road and the Asian Pacific Free Trade Zone, Yancheng city has three category-1 sea and air ports.

The China-ROK (Yancheng) Industrial Park has a 30-square kilometer central area and attracted a group of renowned ROK enterprises, including Hyundai KIA, MOBIS, Comba and Hyundai Engineering. The industrial park focuses on automobiles - especially new energy vehicles and intelligent cars - as well as the new-generation IT industry. Its GDP is expected to exceed 100 billion yuan ($15.1 billion) by 2020.

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