Changsha county reaps $2.96b in foreign trade in first three quarters
Customs statistics data show that Changsha county's foreign trade volume rose 36.7 percent to 20.21 billion yuan ($2.96 billion) in the first three quarters of the year, local media reported on Oct 25.
The figure accounts for 12.5 percent of the total foreign trade of Hunan province, and one third of Changsha's total.
Insiders said that the positive momentum stems from the county's solid base and new growth engines such as the Changsha Huanghua Comprehensive Bonded Zone.
Changsha county has strengthened efforts to promote foreign trade this year, implementing support policies that bring the enthusiasm for foreign trade into play, organizing various trainings and exhibitions, and attracting more investment, as well as helping solve problems confronted by enterprises.
This year, 149 enterprises were added to the foreign business list, a doubling of last year's figure.
The Changsha Economic and Technological Development Zone is responsible for most of the county's trade growth, supplying a whopping year-on-year increase of 32.3 percent to $2.48 billion over the first nine months of this year, with six enterprises such as Lens Technology and GAC Mitsubishi recording import-export trade value in excess of $100 billion each.
"Other regions in the county reaped in $483 million, up 64.7 percent compared to the same period last year. It marks a historic increase," said an official at the Changsha county bureau of commerce.
The figures show that new engines for growth have emerged, boosting the county's foreign trade business, the official added.
Approved by the State Council in May, 2016, construction of the Huanghua Comprehensive Bonded Zone started in September the same year, and the zone is now home to 66 enterprises engaged in foreign trade.
Mechanical and electrical products, new high-tech products and auto parts and components occupy the first three places, recording $2.34 billion, $692 million and $451 million in trade respectively. Those are the traditionally competitive industries of the county.
Sino-foreign joint ventures sustained first place in the volume of foreign trade, completing $1.63 billion, up 38.5 percent year-on-year, 55.1 percent of the total growth.
Private, foreign-owned and State-owned enterprises followed, with the private enterprises gaining momentum to a share of 23.3 percent at $692 million.
Changsha county has established trade relations with dozens of countries and regions across the globe, with Japan, the European Union, Hong Kong, the US and ASEAN being its five largest trading partners. Together they created a foreign trade volume of $2.24 billion over the first nine months of this year.
Benefiting from the Belt and Road Initiative, Changsha county has experienced a fast rate of growth in trade with countries and regions along that route.