International partners boost Shenyang’s economy

Shenyang in Northeast China's Liaoning province has longstanding commercial ties to the 67 countries that make up the Belt and Road Initiative, contributing significantly to the city's economic development, according to a report in Shenyang Daily on March 14.

Data from the local municipal bureau of commerce reveals that since the Belt and Road was first proposed in 2013, Shenyang has signed agreements for a total of 139 foreign-contracted projects worth $2.54 billion with countries that are part of the initiative. 

Meanwhile, Shenyang firms invested in 59 projects based in countries along the Belt and Road Initiative, with investment totaling $550 million. 

Among which, in 2018, Shenyang invested in 12 new projects with investment amounting to $250 million, representing a year-on-year increase of 105.6 percent.

In addition, the number of newly-signed foreign contracted projects and labor cooperation projects hit 249, with a contract value of $1.29 billion, an increase of 36.3 percent compared with the previous year.

In recent years, Shenyang has been making efforts to boost foreign trade and international commercial cooperation. Dramatic achievements have been made since the city carried out a "Go Out" strategy.

At present, six overseas warehouses serving Shenyang firms conducting foreign trade are in operation; among which, four were recognized as Liaoning international marketing network projects.

Additionally, industrial parks supported by Shenyang with the cooperation of international commercial partners were established in India, Uganda and Romania; and Shenyang signed strategic cooperation agreements with the chambers of commerce of Russia, the United Arab Emirates and Sri Lanka to establish matchmaking platforms for businesses.