Yinchuan, the Provicial Captial in the Hinterland of China, Gaining New Achievements in Regional Economic Development
PR92884
YINCHUAN, China, Nov. 8, 2021 /Xinhua=KYODO JBN/--
According to the official statistics released by Yinchuan Municipal Bureau of
Commerce in October, 2021, the total retail sales of consumption goods in
Yinchuan reached 58.652 billion yuan (9.08 billion USD) during the first three
quarters of 2021, accounting for nearly 58% of the total amount of the whole
region.
The total volume of import and export reached 6.704 billion yuan ($1.35647
billion), accounting for 55.94% of the total volume of the whole region. 16
foreign-invested enterprises were newly established, and the foreign capital
which are fully utilized reached 112.93 million US dollars. The FDI was 8.63
million US dollars and the cross-border e-commerce realized a transaction
volume worth of 647 million yuan ($100.16 million ).
The total amount of logistics reached 320 billion yuan ($49.728 billion) and
the added value of logistics-related industries reached 14.4 billion yuan
($2.229 billion).
In 2020, an unexpected epidemic disrupted the rhythm of cities in China. A
series of commercial sectors such as catering industry, entertainment industry
and trade sector were hit hardly by the unprecedented losses and then the
stagnation of commercial activities which lasted for months emerged.
"The mature and efficient governance are characterized by those government
officials who are good at exploring opportunities even faced with crisis." The
commercial enterprises and people in Yinchuan involved in this crisis overcame
hardships and survived from the global pandemic. The business activities in
Yinchuan restart to thrive with the bustling and hustling streets being crowded
with people again. This quotation mentioned above is an epitome of the fruitful
results and experiences the city of Yinchuan had gained during the past year.
With the backdrop of COVID-19 global epidemic and the robust recovery of
Yinchuan's economy, how did Yinchuan Municipal Bureau of Commerce which is
responsible for the city's commercial development stimulate the economic growth
of Ningxia?
An government official from Yinchuan Municipal Bureau of Commerce who is
responsible for retailing business is quoted as saying, "During the epidemic
period, we coordinated and realized the normal operation of 3 large wholesale
markets related to agricultural products, 218 major chain supermarkets and
vegetable direct-sale stores in community. Furthermore, we set a 'green
passage' for transportation vehicles, and effectively ensured the
transportation and distribution of epidemic protection materials, daily
necessities and other materials."
At the same time, the city of Yinchuan focused on building the demonstration
areas of night economy and attached great importance to cultivating commercial
blocks with local characteristics. Yinchuan pushed forward the upgrade and
renovation of traditional business circle and speeded up the development of
first store economy, such as Yinchuan Metropolis Plaza, Huaiyuan night market
and Fenglinwan Town.
Forty well-known enterprises participated in more than 10 exhibitions and
conferences, inculding the 2020 Ningxia Brand Festival and the 28th Guangzhou
Expo. The local government assisted the 10 enterprises headquatered in Yinchuan
in the field of wine production, fruit and vegetable production to set up
export booth and channels in more than 20 cities including Beijing.
According to the information released on the official website of Yinchuan
Municipal Bureau of Commerce, five major functional zones have already been
built in Yinchuan Free Trade Zone. A cross-border e-commerce public supervision
center has been established in Yinchuan Highway and Railway Logistics Park. The
Cross-Border E-Commerce Industrial Park covering an area of 32,000 square
meters has been set, with 169 cross-border e-commerce enterprises signing up to
set their branches in this park. In Yuehai Bay Central Business District (The
CBD of Yinchuan), with 22 enterprises set their branches there. Zhongguancun
Innovation and Entrepreneurship Center has set up cross-border e-commerce
business in the United States, Europe, Japan and other developed regions with
the help of its own brand matrix of e-commerce and intelligence big data
engine. The Cross-Border E-Commerce Research Institute and Yinchuan FTZ
E-Commerce College has been established in Yinchuan as training base to inject
new impetus to the economic development of Yinchuan.
These measures and policies adopted by the local government not only revitalize
the city of Yinchuan, but also facilitate the economic recovery.
The directer of Yinchuan Municipal Bureau of Commerce, Mr. Liu is quoted as
saying, "The year of 2021 is the first year of the 14th five-year-plan, the
100th anniversary of the founding of the Communist Party of China and the first
year of the new journey of building a modern socialist country in an all-round
way. Yinchuan Municipal Bureau of Commerce will unswervingly uphold the
development philosophy of making Yinchuan the center city for consumption in
this region. It will implement the national policy of "internal and external
double-circulation", further tapping the potential of economic growth. It will
smooth the internal circulation of economic growth through promoting
consumption and inject impetus to external circulation by further opening up."
Source: Yinchuan Municipal Bureau of Commerce
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Caption: Yinchuan Free Trade Zone
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