Hubei accelerates development of “Belt and Road” market
On October 17, a reporter from China News Service gathered insights from the Hubei Provincial Department of Commerce, revealing that Hubei is making significant strides in expanding its market along the Belt and Road Initiative. From January to August of this year, the province’s import and export volume with Belt and Road countries exceeded 206.9 billion yuan, accounting for 48.3% of the province’s total trade.
Hubei has launched a “Thousand Enterprises, Hundred Exhibitions” campaign to deepen cooperation with leading cross-border e-commerce platforms. This initiative aims to help local companies seize opportunities in the burgeoning cross-border e-commerce sector and accelerate their ventures into Belt and Road markets. The province is also advancing the “Silk Road Connectivity,” with direct shipping routes from Wuhan Yangluo Port to Vietnam and Russia. Additionally, Ezhou Huahu Airport has achieved a daily maximum of 120 cargo flights, facilitating a logistics network that connects national and global markets. The China-Europe Express Train from Wuhan currently operates 55 stable cross-border transport lines, reaching 40 countries and 117 cities across the Eurasian continent.
Furthermore, Hubei is actively cultivating overseas economic and trade cooperation zones in Belt and Road countries to encourage local enterprises to venture abroad and cluster for development. The province has established trade cooperation zones in countries such as Belgium, Myanmar, Mozambique, Cambodia, and Gambia, focusing on various sectors, including technology R&D, manufacturing, agriculture, and resource utilization. In May of this year, four additional overseas trade cooperation zones were approved in Germany, France, Poland, and Malaysia, expanding the existing footprint.
As of September this year, Hubei’s 11 overseas economic and trade cooperation zones have collectively invested nearly $1 billion. They have welcomed 144 enterprises, creating around 3,000 local jobs and facilitating over $300 million in goods imports and exports, solidifying their role as vital platforms for Hubei enterprises’ global expansion.
A number of businesses in Hubei are enhancing their international competitiveness through their overseas endeavors. From January to August, Hubei companies reported a contract turnover of $4.36 billion in Belt and Road countries, representing a remarkable 99.6% of the province’s total. New contracts signed amounted to $6.36 billion, making up 92.6% of the provincial total. Furthermore, Hubei enterprises invested $320 million in 24 Belt and Road countries from January to August, accounting for 38.1% of the province’s overall investment during that period.
