The coastal city of Yantai in East China's Shandong province rolled out an ambitious development plan for its industries on Sept 25 at a meeting about building itself into a competitive manufacturing city.

The plan sets a target of generating industrial operating revenues of more than 2 trillion yuan ($300 billion) by 2020.

The plan outlines that by 2020, the city in East China’s Shandong province will build seven key industries into major drivers of economic growth generating hundreds of millions of yuan per year.

The industries identified in the plan are information technology, food processing, non-ferrous metals and precious metals, high-end new chemical materials, equipment manufacturing, automobiles, and medical and health care.

Twenty leading companies worth tens of billions of yuan will be established in Yantai, according to the plan.

Meanwhile, Yantai will make efforts to promote innovation-driven growth and the construction of industrial parks and infrastructure.

The city ranked eighth in China in terms of the size of its industrial sector in 2016, with its industrial companies generating prime operating revenues of 1.63 trillion yuan.

One of China's first "open coastal cities", Yantai is also rapidly becoming an important trading hub. It has established trade ties with more than 60 countries and regions involved in China's Belt and Road Initiative, and imported and exported 52 billion yuan of goods in 2016.