The Penglai Pagoda is one of China’s most famous tourist spots, known as the landing place of the legendary Eight Immortals in Chinese mythology and today classified as an AAAAA Scenic Area by the National Tourism Administration. Situated on one of the busiest coasts of the Shandong Peninsula – home to some of the best beaches in China – it is the location of a commemorative plaque that attests to the history of Penglai (under its former name of Dengzhou) as the ‘door for foreign merchants to trade with us and for Chinese merchants to trade abroad’.

Today, the special economic area of Shandong continues to attract foreign investment, with 2,500 Korean companies and 1,500 Japanese companies alone now based here, according to Yin Guowen, director of the Foreign Affairs Office of the Yantai Municipal People’s Government. In July 2019, its international appeal took

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