The year of 2021 marked the 20th year of China's accession to the World Trade Organization (WTO). Over the past two decades, Hunan’s total value of import and export increased from 22.94 billion yuan in 2001 to 598.85 billion yuan in 2021, up 25.2 times, according to the data of the Changsha Customs released on January 19.

Between 2001 and 2021, Hunan’s foreign trade showed a leapfrog progress, with an annual average growth of 17.7%. The high-speed growth in import and export in recent years, in particular, proved Hunan’s remarkable foreign trade achievements in the new era.

Hunan’s trade partners are diversified. Over the past 20 years, Hunan has maintained stable partnership with traditional markets including U.S.A., Japan, and South Korea, and expanded emerging markets such as the ASEAN countries, Africa, Latin America, Russia, and India. The occupation of imports and exports with the above partners rose from 18.1% of the total in 2001 to 34.8% in 2021.

Private enterprises have become Hunan’s largest foreign trade participants. Their contribution to the provincial foreign trade value surged from 7.8% in 2001 to 77.6% in 2021. Mechanical and electrical products are the major exports of Hunan. The import of hi-tech products saw a stable growth, which helped boost Hunan’s industrial transformation and upgrading.

Hunan has given new impetus to foreign trade development over the past two decades. New forms of foreign trade have taken shape.

In 2014, the Hengyang Comprehensive Bonded Zone, first of its kind in Hunan Province, began operation, and its annual import and export value was only 3.64 billion yuan. In 2021, a “5+2” layout, consisting of five comprehensive bonded zones and two B-type bonded logistics centers, has taken shape. The import and export value hit 149.41 billion yuan.

The opening up platforms including comprehensive bonded zones and pilot free trade zone have been improved. New business patterns such as cross-border e-commerce and marketing purchase are flourishing. These would provide stable support for the foreign trade development of the province.

This article is from Hunan Provincial Government. www.enghunan.gov.cn.

Translator: Pang Yuehui

Chinese source: hunan.gov.cn