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Yantai to invest more in emerging industries

October 20 , 2015 -- Updated 3:10 GMT

The Yantai municipal government has announced to invest 150 million yuan ($23.62 million) in the following three years to support the development of emerging industries and marine economy, informed a municipal official.

According to the officer, from 2015 to 2017, the municipal government will allocate 50 million yuan each year to boost the transformation of local manufacturing industry.

Apart from helping improve competitiveness in the fields of marine engineering equipment, new energy vehicles and aerospace equipment, the government will encourage electronic manufacturing enterprises to improve innovation.

It also plans to build a national biology industrial base and a new material industrial base to develop bio-medicine, marine biology, bio-manufacturing and bio-agriculture, as well as electronic, chemical and metal new materials, added the officer.