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Hunan Opening-up Achievements over the Past Seven Decades

Updated: 2019-09-06

On September 4, the Hunan Provincial People’s Government Information Office convened the second press conference on the 70th anniversary of the founding of the People’s Republic of China (opening up session). The Hunan Provincial Department of Commerce (HPDC) briefed on Hunan’s economic and social achievements over the past 70 years. HPDC Director Xu Xiangping presented an opening up and rising Hunan based on statistical data.

Hunan's opening-up has achieved a leapfrog growth over the past seven decades. The province’s foreign trade surged from 3.19 million USD in 1985 to 46.53 billion USD in 2018.

In July 2019, Hunan's foreign trade volume was 42.22 billion CNY, an increase of 78.1%, and a monthly record high. From January to July, exports increased by 63.1%, and the growth rate ranked first in China.

Yuexiang Qiangfeng Co., Ltd., the first joint venture in Hunan, was established in 1981. Since then, the province’s foreign investment has been increased constantly. Up to now, more than one-third of the world's top 500 companies have invested in Hunan. Hunan’s actually utilized foreign capital has soared more than sixfold, increasing from 260,000 USD in 1983 to over 16.19 billion USD in 2018.

Hunan enterprises made cross-border mergers and acquisitions, including:
Valin Group took a stake in Australia's third largest iron ore producer Fortescue Metals Group (FMG);
Zoomlion acquired CIFA, the world's third largest concrete machinery manufacturer;
SANY Heavy Industry acquired Putzmeister Holding GmbH; and,
Truking Technology acquired Romaco Group.

More than 1,570 Hunan companies expanded business in 93 countries and regions. The foreign contract investment totaled over 23.38 billion USD, ranking first in central and western China.

In June 2019, Hunan hosted the first China-Africa Economic and Trade Expo. A total of 53 African countries and more than 10 international organizations and institutions participated, and 81 cooperation agreements were signed, with a trade volume of more than 20 billion USD.

Over the past 70 years, Hunan's infrastructure construction for opening up has achieved remarkable development. Hunan built 1,730 km of high-speed railways and 6,725 km of expressways, ranking 4th and among the top 5 nationwide respectively. The aviation traffic network connects Hunan with five continents. Ten Hunan-Europe Express lines have been opened. These rail lines freight cargos to 30 countries, making China’s largest freight volume.

The number of opening-up platforms in Hunan ranks first in central China. Hunan has 16 national-level economic development zones and high-tech zones, and 123 provincial-level parks. Three trillion-yuan industries, eleven 100-billion-yuan industries, and 20 emerging industrial chains have formed.

The China-Africa Economic and Trade Expo and the World Computer Congress are held in Hunan permanently. A variety of national opening-up platforms have been approved, including the West and South Hunan Industrial Transfer Demonstration Zone, Changsha Cross-border E-Commerce Comprehensive Pilot Zone, Gaoqiao Pilot Programme on Market-based Sourcing and Trade, and Automobile Parallel Import.

Source: enghunan.gov.cn