Work underway to hit ambitious trade targets

An ecological park in Binhe New District. Provided to China Daily

Boosted by the Belt and Road Initiative, Ningxia Hui autonomous region in western China, plans to embrace more opportunities during its fast economic growth as it becomes increasingly open and accessible to foreign investors.

To attract more investment, the local authority of the bonded area of Yinchuan, the capital of the region, has been making efforts to provide multiple services to companies in various industries.

With a target to reach import and export trade volume of $2 billion this year, a 15-percent increase compared with last year, the local government has been in cooperation discussions with meat processing, logistics and startup incubator companies.

In 2014, the area had overall trade volume of $1.73 billion, ranking fourth among the 13 bonded areas in Central and western China.

A Beijing-based company and an Australian company are due to invest 330 million yuan ($51.8 million) and 350 million yuan in meat processing and related logistics projects in the bonded area respectively.

About 10 companies intend to start their operations in the incubator area.

To increase trade with Arab countries, the cross-border online trading platform in Yinchuan started operations on Dec 26 last year. The platform has helped companies sell goods in western China to countries such as the United Arab Emirates and Saudi Arabia.

"The 'Online Silk Road' has helped Ningxia export clothes, electronic appliances and local special foods to customers in the Middle East, which has strengthened the ties between China and those countries," said the local authority in an official statement.