Xinjiang's Foreign Trade Sees Historic Growth Despite Pressure
In 2024, Xinjiang's foreign trade reached a record 435.11 billion yuan, reflecting resilience amid international challenges.
URUMQI, Feb. 13 (Xinhua) -- The Xinjiang Uygur Autonomous Region of northwest China has reported a significant increase in foreign trade, with a notable record reached in 2024. The region's import and export value surged to 435.11 billion yuan (approximately 60.68 billion U.S. dollars), marking a 21.8 percent year-on-year increase despite ongoing pressures from Western countries regarding concerns related to "forced labor" and subsequent import restrictions and sanctions.
Currently, over 3,000 state-owned and private enterprises are active in foreign trade within Xinjiang.
Yu Chengzhong, founder of Jinyi Group, expressed the company's substantial growth; its import and export value for 2024 surpassed 2.2 billion U.S. dollars, with future targets set at 2.6 billion U.S. dollars.
The company regularly transports over 2,000 tonnes of agricultural products and daily necessities, benefiting from favorable policies within the region's Free Trade Zone.
Established in November 2023, the China (Xinjiang) Pilot Free Trade Zone (FTZ) is the first of its kind in China's northwestern regions, comprising Urumqi, Kashgar, and Horgos.
The FTZ aims to enhance trade dynamics and streamline customs procedures, enabling companies to handle international orders efficiently.
Li Qinghua, a customs official, reported that targeted measures have been implemented to improve supervision efficiency and service quality in foreign trade operations.
Xi’njiang’s foreign trade has also benefited from the Belt and Road Initiative (BRI), emphasizing the region's role as a vital corridor for trade between Asia and Europe.
Russian entrepreneur Barsalkinov established a trade company in Xinjiang, focusing on products made from Russian ingredients, which have gained popularity among Chinese consumers.
He noted that the FTZ's preferential policies have facilitated cost reductions and market expansion.
In 2024, Xinjiang's trade relations with 213 countries and regions were formalized, with notable increases in trade with BRI participating countries (up 18.7 percent), ASEAN countries (191.9 percent), and members of the Regional Comprehensive Economic Partnership (RCEP) (167.8 percent), indicating a robust engagement with global markets.
Currently, over 3,000 state-owned and private enterprises are active in foreign trade within Xinjiang.
Yu Chengzhong, founder of Jinyi Group, expressed the company's substantial growth; its import and export value for 2024 surpassed 2.2 billion U.S. dollars, with future targets set at 2.6 billion U.S. dollars.
The company regularly transports over 2,000 tonnes of agricultural products and daily necessities, benefiting from favorable policies within the region's Free Trade Zone.
Established in November 2023, the China (Xinjiang) Pilot Free Trade Zone (FTZ) is the first of its kind in China's northwestern regions, comprising Urumqi, Kashgar, and Horgos.
The FTZ aims to enhance trade dynamics and streamline customs procedures, enabling companies to handle international orders efficiently.
Li Qinghua, a customs official, reported that targeted measures have been implemented to improve supervision efficiency and service quality in foreign trade operations.
Xi’njiang’s foreign trade has also benefited from the Belt and Road Initiative (BRI), emphasizing the region's role as a vital corridor for trade between Asia and Europe.
Russian entrepreneur Barsalkinov established a trade company in Xinjiang, focusing on products made from Russian ingredients, which have gained popularity among Chinese consumers.
He noted that the FTZ's preferential policies have facilitated cost reductions and market expansion.
In 2024, Xinjiang's trade relations with 213 countries and regions were formalized, with notable increases in trade with BRI participating countries (up 18.7 percent), ASEAN countries (191.9 percent), and members of the Regional Comprehensive Economic Partnership (RCEP) (167.8 percent), indicating a robust engagement with global markets.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
