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15 July 2015

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Hunan Becoming a Strong ‘Opening up’ Province

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Since the 11th Hunan Provincial CPC Congress of November 15, 2016, Hunan has been implementing a strategy of innovation-oriented opening up and development. Five special actions for “Hunan’s rise by opening up” were put forward. They are:
1. Enhancing the industrial chain via cooperating with global Fortune 500;
2. Building a new hometown together with the Hunan Chamber of Commerce; 
3. Promoting the ‘go global’ strategy in accord with the ‘Belt and Road’ initiative; 
4. Upgrading the grand platform while collaborating with the free trade zone; and, 
5. Optimizing the general environment while catching up with Beijing, Shanghai, and Guangzhou.
Through these special actions, Hunan accelerated its development into an ‘opening up’ powerhouse.
Its open economy maintained a sound momentum of leap development. The following results have been achieved:
Major development indicators have jumped. Last year, Hunan’s import and export value totaled almost 36 billion USD, an increase of 37.3% compared with the previous year. Hunan has attracted investment of over 605 billion CNY, a growth of 15.1%. Hunan’s economic and commercial departments have approved 92 Hunan-based enterprises to locate in other countries and regions. The total contracted investment reached about 2.4 billion USD. Outbound foreign direct investment amounted to about 1.4 billion USD. The contracted amount of foreign contracted projects and foreign labor cooperation exceeds 7.6 billion USD. And the business turnover amounted to over 7 billion USD. Hunan’s imports and exports between January and October totaled about 237 billion USD, increasing 25.3% over last year. It is 14 percentage points higher than the national average. 
Open platforms have been gradually consolidated. Beginning this year, a State-Level South Hunan Industrial Transfer Demonstration Area has been approved. Changsha was approved as a National Comprehensive Cross-border E-commerce Pilot Zone, and is one of the first 13 national culture export zones. The China-Africa Economic and Trade Fair was held in Hunan and made a historic breakthrough in terms of the economic and trade platforms. An automobile parallel import pilot program, imported fruit designated ports, and imported medicine designated ports were successfully approved. The Hunan Gaoqiao Grand Market was approved as a National market procurement trade mode pilot. Three new state-level foreign trade transformation and upgrading bases were approved. Hunan now has the second greatest number.
Institutional mechanisms were further improved. Finance policy innovations in trade and order, tax refund, and credit guarantee have been improved. 
This article is from Hunan Provincial Government.
Translator: Liu Pingbo
Chinese source: