In 2022, Hunan's commercial and open economic development moved forward while maintaining stability, showing a better performance than expected. According to the provincial commercial work conference of 2023, Hunan's import and export value reached 705.82 billion CNY, hitting a milestone of 100 billion USD. The foreign direct investment (FDI) into Hunan Province, in actual use, amounted to 3.53 billion USD, which ranked first in the central regions of China. A total of 188 Fortune Global 500 companies have invested in Hunan, and 447.51 billion CNY of investment has been received from Hunan-born businessmen who returned to develop their hometowns. The total retail sales of consumer goods stood at 1.9 trillion CNY, while consumption contributing to over 50% of the provincial economic growth.

In 2023, Hunan's commercial and open economic work will focus on integrating into the Belt and Road Initiative and expanding China-Africa economic and trade cooperation. A foundation database of import and export enterprises across the province will be established, and four lists of tasks will be formulated, respectively for upgrading the major exported products; expanding the major export destination countries; attracting investment and promoting production via trade; and, smoothing international trade channels.

The conference deployed ten major goals of this year:
- 10% growth in foreign trade;
- 7% growth in the total retail sales of consumer goods;
- 10% increase in foreign and domestic investment;
- 10% rise in outbound investment;
- Accelerate the construction of five major international trade channels;
- Organize the 3rd China-Africa Economic and Trade Expo successively;
- Continue to expand economic and trade cooperation with Africa;
- Attract more Hunan-born businessmen to return and develop their hometowns;
- Implement the strategy to upgrade China (Hunan) Pilot Free Trade Zone; and,
- Introduce one or two landmark FDI projects.

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

Translator: Pang Yuehui

Chinese source: People's Daily