Work underway to hit ambitious trade targets

(China Daily)
Updated: 2015-09-09

Boosted by the Belt and Road Initiative, Ningxia Hui autonomous region in western China, plans to embrace more opportunities during its fast economic growth as it becomes increasingly open and accessible to foreign investors.

To attract more investment, the local authority of the bonded area of Yinchuan, the capital of the region, has been making efforts to provide multiple services to companies in various industries.

With a target to reach import and export trade volume of $2 billion this year, a 15-percent increase compared with last year, the local government has been in cooperation discussions with meat processing, logistics and startup incubator companies.

In 2014, the area had overall trade volume of $1.73 billion, ranking fourth among the 13 bonded areas in Central and western China.

A Beijing-based company and an Australian company are due to invest 330 million yuan ($51.8 million) and 350 million yuan in meat processing and related logistics projects in the bonded area respectively.

About 10 companies intend to start their operations in the incubator area.

To increase trade with Arab countries, the cross-border online trading platform in Yinchuan started operations on Dec 26 last year. The platform has helped companies sell goods in western China to countries such as the United Arab Emirates and Saudi Arabia.

"The 'Online Silk Road' has helped Ningxia export clothes, electronic appliances and local special foods to customers in the Middle East, which has strengthened the ties between China and those countries," said the local authority in an official statement.

Along with the development of the bonded area, Yinchuan also highlighted the importance of building up the central business district in the city.

Yuehaiwan CBD, with an investment of about 50 billion yuan, is a key project in the city and when complete will cover about 2.88 square kilometers.

Launched in 2010, the local government has invested 2 billion yuan in the construction of the CBD so far and when complete is expected to mainly serve Arab businesses.

According to the construction schedule, construction work in the CBD will be completed in eight to 10 years. A population of 300,000 people will then be able to work and live in the district.

The CBD was designed to provide space for 200 large companies and more than 2,000 small and medium-sized enterprises.

As a major tourist city in western China, Yinchuan is planning to build Binhe New District as a multifunctional area outside the traditional city center.

The new district will start 81 projects with a total investment of 56 billion yuan this year. Up to 29 of the 81 began construction during the first quarter of the year.

The projects include schools, public parks, museums, a botanical garden, medical center and related infrastructure.

According to data from the local government, the scenic spots in the new district received 298,700 tourists during the first quarter this year.

In the future, the new district will combine the functions of a big data industrial base, medical care, air transportation and tourism.

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 Work underway to hit ambitious trade targets

An ecological park in Binhe New District. Provided to China Daily

 Work underway to hit ambitious trade targets

Yuehaiwan CBD, a key project in the city, is designed to provide space for 200 large companies and more than 2,000 small and medium-sized enterprises.  An Wei / for China Daily

Work underway to hit ambitious trade targets