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Changsha sees 59.6% increase in foreign trade in H1

Updated: 2017-08-08

 

Changsha's foreign trade rose 59.6 percent year-on-year in the first six months of 2017, rising to 39.95 billion yuan ($5.96 billion).

 

The Hunan province capital's growth rate is about 40 percentage points higher than the national average despite the downsides of the economic scenario across the globe.

 

The city has taken an active part in the Belt and Road Initiative and the national development direction of the Yangtze River Economic Belt with remarkable achievements made.

 

Since the shipping industry is viewed as a barometer of economic performance, Changsha has focused on developing into a state-level transport and logistics center.

 

Due to the city's favorable location, it has established a comprehensive transport system integrating expressways, rail transit, high-speed rail, and air and water transport, facilitating the circulation of goods, as well as people-to-people exchanges.

 

Changsha New Port Co registered its cargo handling capacity at 3.5 million metric tons in the first half of the year, increasing by 45.8 percent year-on-year.

 

Changsha Huanghua International Airport has already opened flights to more than 100 cities around the world, including nonstop flights to Frankfurt, Los Angeles, Seoul, Sydney and flights to other cities such as Paris with just one transfer in Shanghai.

 

Changsha's manufacturing industry has also experienced a gradual pick-up during the period, with GAC Mitsubishi Motors making the biggest contribution to the growth.

 

Changsha-based automotive manufacturer GAC Mitsubishi Motors sees a 471.1 percent year-on-year increase in foreign trade. [Photo/csxnews.com]

 

With the Huanghua Comprehensive Bonded Zone being put into use in June, Changsha strives to develop its airport economy to become another important impetus for local economic growth.

 

It's reported that more than 50 companies from the United States, Australia and Poland have registered in the bonded area, with 15 projects have been put into operation by the end of July.

 

To further boost the rapid development, Changsha has introduced various polices for the local manufacturing industry to attract talents and encourage technological innovation.

 

In addition, the government has streamlined the approval process and improved work efficiency and service quality, drawing more enterprises to set up their operations in the city.

 

"Compared with Beijing and Shanghai, Changsha has the same opportunities but people can live a better life with a relatively lower living cost here," said Yang Feng, chief executive officer of Changsha-headquartered Spacety Co, which engages in the commercial aerospace industry.

 

Source: Changsha Evening News