All news

Hainan's trade turnover with One Belt, One Road Initiative countries up 74.6% in 2022

Trade with One Belt, One Road Initiative countries totaled 75.24 billion yuan

HAIKOU /China/, January 20. /TASS/. Hainan's trade turnover with the countries participating in the One Belt, One Road (Belt and Road) Initiative was 75.24 billion yuan ($11.11 billion) in 2022, having increased by 74.6%, the deputy head of the Haikou Customs Administration, Tian Tao, said.

"During this period, trade with countries in the One Belt, One Road Initiative amounted to 75.24 billion yuan. The trade turnover with them increased markedly, with a growth rate of 74.6 percent," she said during a news conference.

Partners include members of the Association of South East Asian Nations, the European Union, Australia, the United States and China's Hong Kong Special Administrative Region. "As for the Belt and Road countries, they account for about 37.4% of our province's trade turnover. This is 8.1 percentage points more than in 2021," she added.

According to Tian Tao, in 2022, Hainan authorities have significantly accelerated customs clearance procedures. It now takes 31 hours to complete the paperwork for importing goods and 53 minutes for exporting them. "Accordingly, this is 30% and 39% faster than before," she said. "The province is constantly expanding the list of measures that help optimize foreign trade, demonstrating the powerful vitality of Hainan Free Trade Port," stressed the deputy head of the department.

The One Belt, One Road Initiative is a concept proposed in 2013 by Chinese President Xi Jinping to intensify multilateral trade and investment projects involving as many countries as possible and using Chinese as well as foreign capital. It already involves 151 states as well as 32 international organizations.