Changsha's foreign trade enjoys rapid growth

Changsha achieved a total foreign trade value of $11.85 billion in the first eight months of the year, up 48.3 percent year-on-year. Exports, particularly mechanical and electrical products, auto parts, and steel products, reached a value of $7.26 billion, an increase of 50.3 percent.

From January to August, Changsha's trade value with countries along the Belt and Road was $3.24 billion, up 58.4 percent year-on-year, 10.1 percent higher than the average growth rate of the entire city. The total value of trade with countries in the Association of Southeast Asian Nations (ASEAN) reached $1.56 billion, up 49.8 percent. Trade with African countries increased by 95.3% to $420 million.

The Belt and Road Initiative has brought development opportunities to Changsha. A leader of the Changsha Commerce Bureau said that products made in Changsha have been sent to all parts of the world via the Yangtze River, the China-Europe Railway, the Hunan-Guangdong-Hong Kong express train, and international cargo flights. 

In addition, Changsha launched a one-stop customs clearance service on Aug 1, bringing many conveniences to local foreign trade enterprises. Quick and easy clearance can encourage more enterprises to participate in the development of an open economy.

Changsha will use the Jinxia Bonded Logistics Center and Huanghua Comprehensive Bonded Zone as transport channels, developing the cross-border e-commerce industry based in the Changsha High-Tech Industrial Development Zone. At the same time, Changsha will develop new forms of business, such as market procurement trade and foreign trade comprehensive services.

Leaders of the Changsha Commerce Bureau said that they will enhance the level of intelligent service of the foreign trade platform and allow more Changsha products to be exported across the world through the e-commerce platforms.

Next, Changsha will guide and support enterprises expanding into Southeast Asia, the Middle East, Latin America, and other emerging markets. The Changsha Commerce Bureau and Changsha Customs will also improve management systems, accelerate clearance reformation, and issue more favorable policies to foreign trade enterprises.