On October 25, a representative from the Yinchuan Municipal Bureau of Commerce shared some promising news regarding the city’s economic performance in the first three quarters of this year. Yinchuan has attracted a substantial amount of foreign investment, totaling $50.3844 million. Furthermore, the city’s total import and export volume reached 8.46 billion yuan, accounting for an impressive 56.9% of Ningxia’s overall import and export figures. This indicates a continual expansion of Yinchuan’s openness and stable growth of its outward-oriented economy.
In a bid to reinforce this growth, Yinchuan has released the “Implementation Plan for Accelerating the Construction of a Strong Open City (2024-2027),” which outlines 13 key tasks and assigns clear responsibilities to various departments. The city aims to secure 90 million yuan in special funding from central and regional economic and trade development projects, providing financial support to businesses in inland transportation, financing, and access to international markets, thus boosting corporate confidence.
Additionally, the bureau has engaged in over ten discussions with leading cross-border e-commerce firms like China Manufacturing Network and Dalong Network to foster collaboration. Yinchuan is also actively working to establish the Ningxia Amazon Cross-Border E-commerce Innovation Center in the city. By leveraging platforms such as the Yellow River Basin Cross-Border E-commerce Expo and the China Cross-Border E-commerce Fair, Yinchuan has showcased its cross-border e-commerce identity, enabling more than 20 local enterprises to participate, resulting in over 300,000 yuan in on-site transactions and 4.7 million yuan in intended orders across 162 potential customers.
“We have mobilized and organized local businesses to participate in over 50 domestic and international trade shows, such as the International Pharmaceutical Raw Materials Exhibition in Tokyo and the European Fine Chemicals Exhibition in Germany, to help companies find orders and capture markets through multiple channels,” a representative from Yinchuan’s Bureau of Commerce explained. The bureau also supports foreign trade enterprises in constructing and leasing overseas warehouses to improve logistics efficiency. Currently, Yinchuan has established 22 overseas warehouses with a total area of 226,500 square meters.
Moreover, Yinchuan has launched regular freight train services connecting to Tianjin and Qingdao ports and established the “Tangshan Port Ning (Xinhua Logistics) Inland Port.” This initiative aims to develop a container sea-rail intermodal transport route linking Yinchuan to Southeast Asia and South China, thereby expanding the intermodal transportation network. From January to August, the city has dispatched 2,928 freight trains with a total cargo value of $103.4642 million. Notably, Yinchuan utilized direct flight cargo holds to export 12 batches of high-quality cool-weather vegetables to Dubai, significantly enhancing the export channels and scale for the city’s signature agricultural products, and continuously driving the potential for high-quality growth in Yinchuan’s outward-oriented economy.
