Hunan now a hotbed for innovation, trade

Wider opening-up

Hunan has made great strides in the development of its foreign trade over the past 10 years, with the volume increasing from $21.94 billion in 2012 to $92.71 billion last year.

The number of foreign trade enterprises in Hunan increased from 2,488 to 7,498 during the same period. The province has also expanded into overseas markets in more than 220 countries and regions.

A key contributor is the China (Hunan) Pilot Free Trade Zone. Founded in September 2020, the zone ushered in a new chapter in Hunan's opening up process.

The zone aims to forge a favorable business environment to attract investment, talent, technology and other resources from home and abroad to give more people the opportunity to enjoy high-quality imported products, said Shen Yumou, head of the Department of Commerce of Hunan Province.

Shen added that last year, the zone attracted 32 percent of the province's total foreign investment and generated 5 percent of its total tax revenue.

Hunan's economic and trade cooperation deal with African nations is a highlight in the province's endeavors to open up more to the world.

Economic exchanges between the province and the continent have seen continuous growth over the past decade. Last year, the value of Hunan's exports to Africa reached 40 billion yuan, up 38.5 percent year-on-year.

Additionally, 37 countries in Africa have set up exhibition halls featuring their products in the Pilot Zone for In-depth China-Africa Economic and Trade Cooperation in Changsha's Yuhua district.

Customers can purchase an array of African products, including dried chili from Rwanda, coffee produced in Ethiopia and tea imported from Kenya.

Although the COVID-19 pandemic has been casting a shadow over the global market, the economic and trade cooperation between Hunan and African countries is still growing steadily.

The Promotion Conference for China (Hunan)-Africa Economic and Trade Cooperation began in Changsha on July 28. Fourteen economic and trade cooperation agreements and projects with a total value of nearly $170 million were signed between Hunan and some African countries at the event site.

Zhu Youfang contributed to this story.