The Hunan Department of Commerce recently unveiled a provincial 14th Five-year Plan for Service Trade Development. As planned, Hunan’s import and export in services will hit 60 billion yuan in 2025.

According to the plan, Hunan’s service trade will embrace multiple development opportunities during the 14th Five-year Plan period (2021-2025), such as new business patterns based on digital technologies; national policy supports; economic and trade cooperation brought by the Belt and Road Initiative; platform support from the Hunan Pilot Free Trade Zone; RCEP (Regional Comprehensive Economic Partnership) opportunities; and, industrial foundations.

In this five-year period, Hunan will foster more than 10 enterprises with their respective import and export value exceeding 100 million USD, and about 300 ones with their respective imports and exports reaching one million USD. A group of service trade providers with strong international competitiveness will be formed. There will be more than 10 service trade parks and featured service export bases, and more than 10 service trade promotion platforms up to international standards and at multiple levels. In 2025, the total import and export value in service trade will hit 60 billion yuan, with an average annual increase of 16%.
 
A service trade development layout featuring “one core, two poles, and multiple areas” is planned. The “one core” refers to the Changsha-Zhuzhou-Xiangtan core leading zone; the “two poles” are Yueyang and Chenzhou cities; and, the “multiple areas” include featured service clusters in other cities and prefecture. Beyond that, efforts will be made to reinforce traditional markets while exploring the markets along the Belt and Road and under the RCEP agreement.

The plan put forward six major missions, including continuing to improve management system; constantly optimizing business structure; giving priority to fostering market participants; innovating development pattern; expanding opening up and operation; and, optimizing service trade supervision mechanism.

This article is from Hunan Provincial Government www.enghunan.gov.cn.
 
Translator: Pang Yuehui
 
Chinese source: hunan.gov.cn