Value of goods and services exchanged hits new high

East China's Fujian province has spared no efforts in promoting trade with other regions involved in the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and as a result, has reported strong trade growth over the past five years.

The value of imports and exports between Fujian and other countries and regions involved in Belt and Road Initiative, or BRI, reached 195.37 billion yuan ($28.59 billion) from January to June, an increase of 15.9 percent year-on-year. That total accounts for 32.6 percent of the overall value of foreign trade of Fujian during the same period, according to Department of Commerce of Fujian Province.

The overall value of trade between Fujian and countries involved in the BRI reached $205.55 billion from 2014 to 2017, according to the provincial authority.

Fujian's government has implemented a series of measures to support the BRI in recent years, including the development of new trade facilitation mechanisms and the building of more logistics links. Leading officials have visited countries and regions taking part in the BRI including Singapore, Malaysia and Indonesia, pushing cooperation in several key trade areas.

Vanguard of trade

Fujian has long been at the forefront of trade and investment in China.

Fujian companies invested in 256 projects in other BRI economies from 2014 to June 2018. Chinese companies agreed to invest $6.15 billion in those projects.

In recent years, trade companies have been encouraged to open warehouses, logistics facilities, marketing and demonstration centers, operation centers and cross-board e-commerce distribution centers.

China (Fujian) Pilot Free Trade Zone, bonded zones and development zones serve important roles in attracting capital, advanced technologies and management talents.

Fujian has also developed several trade platforms to better connect international and domestic businesses. The annual China International Fair For Investment and Trade, or CIFIT, which is taking place from Saturday to next Tuesday, has attracted a great deal of attention from businesses in Belt and Road countries and regions.

The 21st-century Maritime Silk Road Expo and The Cross-Straits Fair For Economy and Trade held in May attracted 1,559 enterprises from 77 countries and regions around the world.

Fujian has hosted expos in Indonesia, the Philippines and Malaysia in the first half of 2018 to promote local brands. Buyers from more than 30 countries participated in those expos.

In line with the commitment, Fujian has also hosted several forums and matchmaking events to promote investment.

A logistics hub

Fujian, a coastal province, has paid close attention to expanding its logistics network on the sea. It has made a major investment in building up ports and released several policies to support shipping company development.

Currently, the province has 171 berths for vessels of more than 10,000 metric tons. Some ports are equipped with deep-water channels, which can serve vessels between 100,000 tons and 300,000 tons. In the first half of this year, throughput in Fujian's ports totaled 274 billion tons, an increase of 8.2 percent year-on-year.

Fujian is also committed to building more airports and expanding flight service networks. Airports in Fujian served 24.29 million people in the first half of 2018, an increase of 16.1 percent year-on-year. The region is connected with the outside world by 53 international flight routes.

Fujian continues to develop its rail and highway network. Railway services that link Fujian with other countries and regions in Europe and Asia have been launched. A sea-rail combined transportation model is also being promoted to reduce transport time and costs.

New mechanisms

Numerous mechanisms have been launched in Fujian to facilitate trade. The China (Fujian) Pilot Free Trade Zone, established in 2015, has introduced 285 policies to promote trade and investment. A total of 110 reform practices developed in the free trade zone are being promoted around the province. Practices such as unified business licenses with unified social credit codes and single-window systems, which allow international traders to submit all regulatory documents at a single location, are being studied and replicated around China.

Financial institutes in Fujian have also developed financial tools and promoted foreign exchange reforms to support the BRI. China's first debt financing tool designed to serve the BRI was developed in Fujian.

Fujian officials are sparing no effort to deepen communications and cooperation with companies in Taiwan. The province has supported the participation of Taiwan businesses in port construction projects and is encouraging Fujian companies join forces with their Taiwan counterparts to better explore business opportunities in other BRI economies.

Strengthened ties

Fujian has long been promoting cultural exchanges with countries and regions involved in the BRI.

Events such as the Maritime Silk Road International Arts Festival and Silk Road (Fuzhou) International Film Festival have been held to promote mutual understanding.

Xiamen University's Malaysia campus started operation in 2016. More than 3,300 students from 17 countries and regions are studying there. Universities in Fujian have also partnered with foreign higher education programs to build 21 Confucius Institutes.

Fujian has established sister state relationships with regions in Thailand, Malaysia and Vietnam.

In the technology sector, companies and research institutes in Fujian have joined forces with partners from Germany, Russia and the United Kingdom to explore opportunities in the automotive and graphene sectors.

Fujian's government is sparing no effort in reaching out to overseas Chinese and keeps in contact with more than 600 overseas Chinese organizations. Summer camps and winter camps have been organized so that the children of the overseas Chinese have the chance to learn more about Chinese culture.

(China Daily 09/08/2018 page6)