Shandong stabilizes foreign trade, investment

(| Updated : 2023-02-09

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Containers at a port in Qingdao, East China's Shandong province, on Jan 22, 2023. [Photo/VCG]

East China's Shandong province plans to ramp up efforts to stabilize foreign trade and investment and expand opening-up this year, according to officials from the Department of Commerce of Shandong.

Official data showed that in 2022, the total value of Shandong's foreign trade reached a record high of 3.33 trillion yuan ($491.18 billion), with a year-on-year growth of 13.8 percent.

This year, Shandong aims to make all-out efforts to expand the international market, upgrade the development of new business formats and models, and strengthen services and policies to support the development of enterprises.

It is fostering new growth areas for exports and expanding the new energy vehicle market, energy conservation and environmental protection equipment, green chemicals and other high-tech mechanical and electrical products in Europe, the United States, Japan and South Korea.

Shandong is also stepping up efforts to explore emerging markets involved in the Belt and Road Initiative and the Shanghai Cooperation Organization.

The province will make all-out efforts to innovate import models and optimize import structure.

Adjusting and optimizing the provincial-level importation of technologies and product catalogues, and increasing interest discounts on key technologies, important equipment and components needed for green and low-carbon transformation in the steel, building materials, chemical and other industries are also on the province's agenda.

Ensuring the success of regional import expos between Japan, South Korea and the RCEP member countries, and building platforms for high-end cooperation in commodity procurement, industrial exchanges and investment promotion is also a top priority for the province.

Shandong is continuing to strive to improve the quality and efficiency of new forms of foreign trade.

With a focus on textile and clothing, bearings, fitness equipment and other characteristic industrial belts, the province plans to hold the Shandong Cross-border E-commerce Ecological Conference and the China (Shandong) Cross-border E-commerce Trade Expo, and carry out the "industrial cluster + cross-border e-commerce" cultivation action plan.

In 2022, the actual use of foreign capital in Shandong province increased by 6.3 percent year-on-year, reaching $22.87 billion and ranking fourth in China for four years in a row.

This year, Shandong is planning to host a series of business promotional activities, including the fourth Qingdao Multinationals Summit and the third Conference of Great Business Partners, to attract investment and facilitate cooperation.

Great efforts are also being made to attract foreign investment in the manufacturing industry, extend the industrial chain and strengthen the weak links in the industry.

The province is continuing to improve the foreign investment environment, strengthen regular communication and exchanges with foreign-funded enterprises and foreign business associations, listen to opinions and suggestions, and provide maximum convenience for foreign businessmen to engage in trade and investment negotiations in China.