On November 3, nine ministries including the Ministry of Commerce, the National Development and Reform Commission, and the Ministry of Finance decided to add 29 demonstration zones for creative promotion of import trade across the country. Yuhua District of Changsha City is among them, making it the only selected place in Hunan Province. This was learned from the Hunan Provincial Department of Commerce. These selected demonstration zones are the country's fourth batch. There are 43 such demonstration zones.

Building national demonstration zones for creative promotion of import trade is a major measure to help foster China's new development paradigm and promote high-quality trade development. The demonstration zones have two main functions. One is trade promotion which is to promote imports, industry and consumption, and the other is trade innovation which refers to policy, service and model innovation. 

Yuhua District is one of the strongest economic and business zones in central China. Nearly 1,500 qualified foreign trade enterprises in Yuhua District recorded more than 20 billion yuan in imports (including indirect imports) in 2021, an increase of 49% over the previous year. The growth rate hit a record high. 

Yuhua District has multiple advantages. It is part of the Hunan Pilot Free Trade Zone Changsha Area, the market procurement trade pilot zone, and the core area of the Pilot Zone for In-depth China-Africa Economic and Trade Cooperation. It is the only free trade pilot area in China that has a top-grade high-speed railway station. It has explored several national pioneering practices in barter trade, financial leasing, the integrated development of the international mail, international express, and cross-border e-commerce business and other aspects. It has created new paradigms of "foreign trade supply chain + finance" and service platform for trade with Africa.

Source: en.changsha.gov.cn