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Free trade zone attains $10 billion of total import and export value in 2016

Updated: 2017-02-09 (chinaopticsvalley.com) Weibo Weixin Qzone Facebook Twitter More

东湖综合保税区去年进出口总值 首超百亿美元.jpg

East Lake Free Trade Zone [Photo/wehdz.gov.cn]

The development of China’s international trade hit a bottleneck in recent years, but East Lake Free Trade Zone has set a new record. In 2016, the total import and export value exceeded $10 billion for the first time, 10 times larger than four years ago.

From June, 2013 to the end of 2016, the free trade zone has 548 registered enterprises, 271 of which were established in 2016, an increase of 50 percent. Since it started running in June, 2013, the total revenue of the zone’s enterprises has reached $84.7 billion and the import and export trade has totaled $25.47 billion with the export value reaching $9.96 billion. The import and export value attained $11.6 billion in 2016, surpassing $10 billion for the first time. The total value was around $1 billion, $4 billion and $8 billion in 2013, 2014 and 2015 respectively. 

According to the head of the free trade zone, when international demand was at low ebb and the domestic cities’ competition is intense, the zone’s foreign trade stood out last year by attracting investment and building industrial platforms.

Motorola Industrial Park was signed on Feb 1, 2016 and began construction on March 20, only using 49 days to implement this project. It has noted that Lenovo Group‘s mobile smart terminal business has fully transferred to Wuhan and will drive the export largely.

In addition, with the rapid development of cross-border e-commerce platforms, quality import goods originating from Wuhan will go all over the country. Last year the free trade zone introduced over 50 e-commerce enterprises including JD.COM, Yanghuogou.com and Aubao.com, and built multifunctional service platforms supporting tax payment, payment and malls. 63 new enterprises registered in the bulk commodity trading platform. A bonded exhibition trading platform has enlarged its operation area to 8,000 square meters and introduced over 82 import commodity suppliers to sell more than 11,000 kinds of goods.