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News

Changsha county trades over $7b in 2018

(en.csx.gov.cn)
Updated: 2019-02-15

According to Changsha county's bureau of commerce, the total foreign trade value of Changsha county in 2018 was $7.15 billion, a year-on-year increase of 53.8 percent. This accounted for 36.9 percent and 15.4 percent of the total foreign trade value of Changsha city and Hunan province, respectively.

313 newly-approved foreign trade enterprises

Since 2018, 313 foreign trade enterprises have opened in Changsha county, 118 more than in 2017. The bulk of imports and exports fell under the category of general trade, with processing trade growing rapidly. The total value of general trade in Changsha county in 2018 increased by 33.5 percent to $4.41 billion, and processing trade grew by 101 percent to $2.47 billion, accounting for 61.7 percent and 34.5 percent, respectively, of total foreign trade value. "This great progress is due to the attraction of accurate investment," said an official of the bureau of commerce. Changsha county introduced a series of large projects related to processing trade, foreign trade services, cross-border e-commerce, and supply chain management, which helped boost foreign trade development.

Private enterprises become a stronger force

In 2018, the total value of foreign trade for private enterprises reached $3.96 billion, accounting for more than half of all foreign trade. Sino-foreign joint ventures and exclusively foreign-owned companies contributed 43.5 percent of the total, at $3.11 billion.

The county now has 120 enterprises with a foreign trade value over $5 million. The official said that customs, tax, bank and insurance system specialists have reached out to foreign trade companies to provide technical support, creating a business-friendly environment.

Emerging markets steadily increasing

The import and export markets of African countries and regions along the Belt and Road expanded quickly. Data showed that the top three trade partners of Changsha county were Hong Kong, the European Union and Japan, with which the country's total trade value increased by 95.4 percent, 43.8 percent and 12.8 percent, respectively.

The rapid development of Changsha county's open economy is due to the expansion of international logistics channels. The Changsha Huanghua International Airport has already opened four cargo flights to Ho Chi Minh, Halifax, Dacca, and Manila. Six international flights to countries such as Japan, Myanmar and Cambodia may be opened later this year.

Changsha county was also awarded the title of Business (Foreign Trade) Advanced Unit, the sixth time it has won the honor since 2009.

Changsha seeks to revive porcelain production

In recent years, the local government has sought to revive the region's long tradition in porcelain making and boost local industry with the cultural influence of ancient Tongguan kilns, which have a history of 1,200 years.

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