Changzhi - Eshanxi
首页   > News
Opening-up delivers new round of economic success
Time: 11 26,2021      Source: Shanxi daily

Expo Central China is one of the trade events that Shanxi utilizes to promote its business links with the world. Wang Ruirui / For China Daily  

With a full load of goods produced in Shanxi, a cargo train bound for Europe departed from the Zhongding Logistics Park in the provincial capital of Taiyuan on Sept 25.

It was the 500th train since the launch of the Sino-European freight train service in 2017.

Over the years, the freight trains from Shanxi have reached 27 cities across 12 countries involved in the Belt and Road Initiative.

The booming cargo train business is a result of fast-growing foreign trade and investment in the province.

During 2016-19, Shanxi’s foreign trade volume increased at an average annual rate of 9.3 percent, according to the Shanxi Department of Commerce.

In 2020, despite the COVID-19 pandemic, Shanxi’s imports and exports of cargo amounted to 150 billion yuan ($23.43 billion) for the first time, growing 4 percent yearon-year. That increase is 2.1 percentage points higher than the national average.

During the first eight months of this year, Shanxi ranked first in export increases and second in import growth nationally.

The department’s statistics show that there were nearly 1,600 enterprises in Shanxi engaged in foreign trade in 2020. The province now has trade ties with 188 countries and regions across the world.

Machinery and electronics account for 70.86 percent of Shanxi’s exports. High-tech industries, which include machinery, electronics and other products, take up 62.16 percent of the province’s exports, according to the department.

The province has also witnessed a steady increase in foreign investment over the past few years.

During 2016-20, Shanxi’s paid-in foreign investment totaled $9.43 billion. Eighty-nine Fortune Global 500 companies have established operations in Shanxi.

From January to August this year, Shanxi saw the registration of 88 new foreign-funded enterprises, an increase of 66 percent year-on-year. The paid-in foreign direct investment amounted $230 million, growing 44.3 percent from the same period of 2020.

Shanxi has also witnessed a steady increase in outbound investment. During the first eight months of this year, Shanxi’s enterprises made new investments worth $208 million overseas, growing 62.59 percent year-on-year. The increased rate ranked the province fifth nationwide.

Shanxi’s outbound investments have reached more than 50 countries and regions, according to the provincial department of commerce.

The booming trade and investment reflects Shanxi’s strategy to build itself into an opening-up highland in inland China.

The strategy involves a number of measures for trade facilitation and investment promotion, according to local officials.

One of the measures is to improve transport. In addition to developing the China-Europe freight train service, the province has boosted the construction and upgrade of airports.

The province now has five airports — in Taiyuan, Yuncheng, Changzhi, Datong and Wutaishan—to serve international trade and passenger flow with destinations across eight countries and three regions. The province is also using a number of high-profile trade shows and international events to promote its business links with the world. These include Expo Central China and the Taiyuan Energy and Low-Carbon Development Forum.

Receiving 59 percent of Shanxi’s inbound investment and accounting for 84.1 percent of its foreign trade, development zones and industrial parks are the leading plat form of Shanxi’s opening-up.

Wang Pei contributed to this story.

By Yuan Shenggao


Changzhi - Eshanxi