Binzhou sees steady growth in co-op with BRI countries

(| Updated : 2023-10-31

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Binzhou boasts a vibrant economy in Shandong province. [Photo/IC]

The Binzhou government held a news conference on Oct 26 to introduce the city's cooperation and trade with countries and regions involved in the Belt and Road Initiative.

This year marks the 10th anniversary of the Belt and Road Initiative.

According to local officials, Binzhou has over the past decade achieved steady growth in economic and trade cooperation with BRI countries.

Official statistics show that the trade volume between Binzhou and BRI countries increased from 24.57 billion yuan ($3.36 billion) in 2013 to 76.01 billion yuan in 2022. In the first three quarters of this year, the trade volume between the two sides was 49.51 billion yuan.

Binzhou has in recent years gradually formed five major industrial clusters, each with an output value exceeding 100 billion yuan. The demand for commodities such as crude oil and bauxite has been steadily increasing, making resource-rich countries such as Guinea, Malaysia, and Indonesia major trading partners for Binzhou.

Over the past decade, total imports and exports between Binzhou and Guinea, Malaysia, and Indonesia were worth 164.01 billion yuan, accounting for 36.2 percent of Binzhou's total trade value with BRI countries.

Vietnam, Thailand, and the Philippines, due to their geographical location and complementary industrial advantages, have also become important partners for Binzhou. The imports and exports between Binzhou and these countries over the last decade were worth 42.15 billion yuan.

Private enterprises have also played a key role in Binzhou's trade with BRI countries. The trade facilitated by these enterprises over the last 10 years was 345.3 billion yuan, making up 76.1 percent of Binzhou's total trade with BRI countries.