International trade started to pick up as global economy recovered. Hunan’s net inflow of cross-border balance-of-payments has maintained a rapid growth, with trade of goods, investment incomes, and foreign direct investment rising. According to the People’s Bank of China Changsha Branch, during the first quarter of 2021, Hunan’s cross-border balance of payments amounted to 18.71 billion USD, increasing by 39.1% over last year. The cross-border income reached 11.29 billion USD, a year-on-year growth of 59.7%, while the expenditure amounting to 7.42 billion USD, up 16.3%. A 3.87 billion USD net inflow was made, increasing by 4.6 times that of the same period in 2020.  

Trade regained momentum as production resumed. In the first quarter, Hunan’s cross-border trade of goods made a total balance of payments of 12.27 billion USD, up 16.5% over last year. The incomes of the trade of goods reached 6.62 billion USD, growing by 15%, and the expenditure was 5.65 billion USD, growing by 18.3%.

The foreign direct investment (FDI) inflow surged. In the first quarter, Hunan saw an FDI inflow of 2.84 billion USD, rising by 10.8 times, and a net inflow of 2.67 billion USD, up 17.8 times. Real estate enterprises and domestic e-commercial platforms made notable contributions to FDI attraction. Real estate enterprises’ FDI inflow hit 300 million USD, increasing by 7.2 times over last year.

The volume of trade financing and foreign exchange derivative contracts increased steadily. In the first quarter, Hunan’s import and export trade financing reached 1.81 billion USD, up 6%; and, foreign exchange derivatives of 4.26 billion USD were contracted, increasing by 5.4 times.
 
This article is from Hunan Provincial Government www.enghunan.gov.cn.

Translator: Pang Yuehui

Chinese source: Voice of Hunan