Shandong's global trade initiatives take flight in 2024

Shandong province kicked off the new year with resounding achievements in global trade. 

In the early hours of Jan 1, Flight 5Y4701 took off from Jinan Yaoqiang International Airport, laden with instruments, marking the region's first airfreight export to New York. 

Almost simultaneously, the first Shandong-Europe freight train of the year set out, carrying Shandong-manufactured goods to Tashkent, Uzbekistan. Wunaizha Express, as the first cargo ship launched by Shandong's global promotion ceremony in 2024,  departed for the eastern United States, carrying 13,500 standardized containers.

Despite the complex international trade landscape last year, Shandong stayed the course, achieving a 2.2-percent annual increase in foreign trade in the first 11 months of 2023, exceeding the national growth rate by 2.2 percentage points. 

National efforts to facilitate trade have also helped the province unleash its full potential, as the Free Trade Agreement between China and Nicaragua came into effect on Jan 1, reducing tariffs and enhancing export competitiveness.

Shandong's integration with the Belt and Road Initiative is evident in its focus on markets with a high demand for household photovoltaics, energy storage, and new energy vehicles. The province aims to stabilize and enhance foreign trade through its own promotional campaign and initiatives, emphasizing market expansion in both traditional and emerging markets.

As Shandong charts its course for 2024, these moves signify a determined commitment to global trade, epitomizing the province's strategic prowess and adaptability on the international stage.