Xinjiang Uygur Autonomous Region in northwest China has witnessed a remarkable 30.9% surge in foreign trade during the first eight months of this year, according to Urumqi Customs. The region's total import and export volume reached 285.32 billion yuan (about $40.55 billion), highlighting its pivotal role in international trade.
Li Qinghua, deputy head of Urumqi Customs, attributed this impressive growth to the establishment of comprehensive bonded zones, which have enhanced logistics efficiency, and the successful expansion into international markets. These developments have positioned Xinjiang as a key gateway in global commerce.
Trade with countries participating in the Belt and Road Initiative (BRI) rose by 28% year on year, accounting for 92.5% of Xinjiang's total foreign trade value in the January to August period. Neighboring nations Kazakhstan and Kyrgyzstan emerged as major trading partners, strengthening regional economic ties.
Private enterprises in Xinjiang showed robust performance, with their trade value soaring 29.6% year on year, also accounting for 92.5% of the region's total trade. The region has diversified its exports, including more high value-added products like electric passenger vehicles and lithium-ion batteries, signaling a shift towards advanced manufacturing.
Located at the heart of the Eurasian continent, Xinjiang serves as a vital transportation hub in the core region of the Silk Road Economic Belt, an essential component of the BRI proposed by China in 2013. The region's strategic position enhances its role in facilitating trade and cultural exchange between Asia and Europe.
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Ancient Silk Road hub Xinjiang sees 31% foreign trade growth
cgtn.com
