Shandong gears up for foreign trade growth in 2024

(| Updated : 2024-04-11

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Shandong achieved robust growth in foreign trade in 2023. The total value of imports and exports hit 3.26 trillion yuan ($450 billion), with agricultural product exports ranking first in China for the 25th consecutive year. Its trade partners now span over 230 countries and regions.

Shandong is prioritizing the cultivation of new drivers of foreign trade growth in 2024 in an effort to achieve stable and high-quality foreign trade development and expand opening-up.

A raft of new policies has been rolled out this year, focusing on fostering leading enterprises in the supply chain, driving the development of cross-border e-commerce, and promoting the country's new export categories, known as the so-called "new trio" — electric passenger cars, lithium-ion batteries, and solar cells. A total of four documents and 37 policy measures have been implemented so far.

Expanding into new markets is another key focus. Shandong plans to participate in 263 exhibitions and 10 special matchmaking events overseas this year, helping enterprises explore new markets and enabling more high-quality Shandong products to go global.

Cultivating new products is crucial for sustained growth. Shandong will leverage the Regional Comprehensive Economic Partnership (RCEP) agreement and deepen economic and trade cooperation with key ASEAN markets. It is set to expand the export of green and low-carbon products, integrate into regional industrial chains, and transform its industrial advantages into trade advantages.

Nurturing new business models is a key driver of innovation, and Shandong aims to cultivate 50 new cross-border e-commerce brands and 10 cross-border e-commerce trading platforms within the year to expand this sector.

It will also optimize market procurement trade, with precise support offered to enterprises in areas such as exhibition platform construction, overseas marketing and promotion, and co-construction of bilateral markets.