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Shaanxi's economic boom with BRI nations revealed

By Qin Feng in Xi’an and Peng Chao | chinadaily.com.cn | Updated: 2024-05-24 15:23

The China-Europe Railway Express (Chang'an) links Xi'an, Shaanxi province, with destinations in countries participating in the Belt and Road Initiative. [Photo provided to chinadaily.com.cn]

The economic and trade ties between Northwest China's Shaanxi province and countries participating in the Belt and Road Initiative have seen rapid development over the past decade, with Shaanxi's cumulative import and export value with these countries reaching 1.34 trillion yuan ($185 billion) from 2013 to 2023, according to Xi'an Customs.

Statistics from Xi'an Customs show that Shaanxi's annual import and export value with the BRI countries surged from 41.66 billion yuan to 209.86 billion yuan, with an average annual growth rate of 17.5 percent. Their proportion in Shaanxi's foreign trade increased from 33.4 percent to 51.9 percent.

During the past decade, Shaanxi's exports of photovoltaic products to BRI countries increased from 500 million yuan to 11.57 billion yuan, while exports of electric vehicles reached 2.36 billion yuan.

Backed by the policies that promote high-level opening-up, companies in Shaanxi increased their engagement in the global value chain and industrial chain restructuring process, local officials said.

Shaanxi Automobile Holdings Ltd has established local factories in 15 BRI countries, and its products are sold in over 140 countries and regions. Shaanxi Fast Auto Drive Group has joined the global supply chain system of world-renowned automotive and parts companies, and its products are exported to more than 50 countries and regions.

The officials said Shaanxi is embracing the second "golden decade" of cooperation and exchanges with BRI countries.

Cui Ying, director of the statistics and analysis department of Xi'an Customs, said the province's import and export with BRI countries experienced a year-on-year growth of 19.5 percent in the first quarter to 64.75 billion yuan.

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