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15 July 2015

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"Belt and Road" Initiative Contributes to Hunan’s Rising Foreign Trade Volume

2019-01-16 Download Print Comment
Hunan’s import and export volume was estimated to exceed 310 billion CNY in 2018, an increase of 28% over the previous year, which was announced by the Hunan Provincial Department of Commerce (HPDC) on January 14, 2019. The imports and exports with the “Belt and Road” countries grew by 39% yearly, which has contributed to a new growth point of Hunan’s foreign trade.
Xu Xiangping, HPDC director, delivered a speech at the provincial annual commerce work conference held on the same day. He introduced that Hunan’s import and export volume hit a historic high in 2018, thanks to the further expansion of provincial foreign trade entities, and the continuous improvement of customs clearance, financing, platform, logistics, and other foreign trade conditions.
Hunan’s foreign trade development and promotion system of “breaking zero and multiplication + comprehensive service + financing guarantee” has basically taken shape. Statistics showed that there are 4,630 enterprises with foreign trade performance in Hunan, an increase of 16.8%, Xu added.
It is worth noting that in recent years, more and more Hunan products have climbed to the high end of the value chain. Electromechanical and high-tech products are still the main exporters and keep growing. They are actively occupying the international high-end market. Data showed that in 2018, their import and export volume accounted for 48.8% of the provincial total.
Luo Shuangfeng, HPDC deputy director, believed that this was related to the continuous optimization of Hunan's industrial structure. In recent years, Hunan’s competitive products continued to increase and so does its competitiveness. Numerous high-tech enterprises have been located in Hunan, such as Foxconn, Lens Technology, Delta Electronics, and Flex, which also brought new impetus to the foreign trade growth.
Xu remarked, “Under current international and domestic environment, Hunan still faces a series of major opportunities. It will implement the ‘Belt and Road’ initiative, expand new space for foreign trade development, and promote Hunan's products and production capacity to ‘go global’.”
This article is from Hunan Provincial Government. 
Translator: Yu Jiangjiang
Chinese source: