Xinjiang's Foreign Trade Soars to New Heights: Opportunities and Insights for Global Businesses
Xinjiang, a region in northwest China, has achieved remarkable growth in its foreign trade, setting a new record in 2024. Despite external challenges, the region's import and export volume surged to 435.11 billion yuan (about 60.68 billion U.S. dollars), marking a 21.8 percent year - on - year increase. This growth highlights the region's strong resilience and vibrant economic activity, presenting significant opportunities for global businesses.
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Policy Support and Infrastructure Development
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The establishment of the China (Xinjiang) Pilot Free Trade Zone (FTZ) in November 2023 has played a crucial role in facilitating trade. The FTZ includes three iconic areas: Urumqi, Kashgar, and Horgos, and is the first FTZ in China's northwestern border regions. The FTZ's preferential policies have streamlined customs clearance processes, enabling faster and more efficient trade operations. For example, Yu Chengzhong, founder of Jinyi Group, noted that the company now transports over 2,000 tonnes of agricultural products and daily necessities every day, thanks to the FTZ's favorable policies.
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Business Success Stories
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Jinyi Group, one of the leading foreign - trade enterprises in the region, achieved an import and export value of over 2.2 billion U.S. dollars in 2024, with plans to target 2.6 billion U.S. dollars this year. The company's success is attributed to the efficient customs clearance and the supportive business environment provided by the FTZ.
Another notable example is a Russian entrepreneur, Barsalkinov, who established a trading company in Xinjiang. The company produces noodles and rapeseed oil using Russian ingredients, which have been well - received by Chinese consumers. The company's products are sold not only in Xinjiang but also in other provincial - level regions such as Gansu, Sichuan, Guangdong, Guangxi, Hunan, and Hubei. The FTZ's policies have helped the company reduce operating costs, expand its business scope, and access broader markets.
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Trade Relations and Market Expansion
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Xinjiang's foreign trade has expanded to 213 countries and regions, with significant growth in trade with countries along the Belt and Road. In 2024, imports and exports to these countries increased by 18.7 percent. Additionally, trade with members of the Regional Comprehensive Economic Partnership (RCEP) and the Association of Southeast Asian Nations (ASEAN) also grew, by 167.8 percent and 191.9 percent respectively
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Implications for Global Businesses
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