Zibo city reaps benefits of Belt and Road Initiative

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BEIJING, Nov. 9, 2023 /PRNewswire/ -- A news report from chinadaily.com.cn:

Zibo city in East China's Shandong province has seen big growth in its foreign trade - with almost 80 percent of its import-export companies engaging in trade with the countries and regions involved in the Belt and Road Initiative, or BRI.

The value of the city's trade with the countries and regions has grown from 28.89 billion yuan ($ 3.95 billion) in 2013 to 79.63 billion yuan in 2022, representing an average annual growth rate of 11.9 percent.

From January to August this year, Zibo's trade with these countries hit 45.36 billion yuan, with 2,153 foreign trading firms conducting import and export activities.

What's more, the BRI is widely said to have opened up new opportunities for the city's export industries, in particular. For instance, exports of inorganic chemicals and silk to these countries increased by 33.1 percent and 87.3 percent, respectively, from January to August this year.

Zibo's "inland port" international logistics hub, along with the expansion of new routes for the Qilu China-Europe freight train, has played a significant role in facilitating BRI commerce. From January to August, the city's imports and exports with the countries via rail transport reached 780 million yuan, up 3.2 percent year-on-year, surpassing the overall growth rate with partner countries.

The BRI has provided an essential alternative for Zibo's foreign trade, given the economic slowdown in traditional markets like Europe, the United States, Japan and South Korea.

Exports to the countries involved in the BRI exceeded the overall growth rate of foreign trade in the city - increasing from 51.7 percent in 2013 to 66.4 percent from January to August this year.

Private enterprises in Zibo have also actively responded to the BRI by expanding their global presence. They've become a key driving force for the initiative's development.

In recent years, the city's private enterprises have also become essential participants in the BRI, focusing on developing new markets and expanding their collaboration with partner countries.

The initiative has presented new sales opportunities for Zibo's foreign trade industries that had reached saturation in traditional markets.

For instance, exports to partner countries of clothing and clothing accessories, as well as architectural ceramics, have shown substantial growth.

Zibo's private enterprises also have actively participated in the BRI Service Alliance to further expand their sales channels. The alliance aims to promote the BRI among Zibo's private enterprises.