Jiangsu follows in footsteps of a hero

A bird's eye view of Lianyungang port. [Photo/China Daily]

The terminal was followed by construction of the 45-square-km Lianyungang SCO International Logistics Park, which provides logistical and warehouse services for Shanghai Cooperation Organization member countries, including China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan.

"Lianyungang is located in the central part of China's coastal area. When goods go east from it, they will reach the international markets; to its south is the most economically dynamic area of China's Yangtze River Delta, to its west is the broad middle and western regions of China," said Miao Han'gen, chairman of the Shenghong Group.

Miao's group, based in Suzhou, has invested in a petrochemical project worth 30 billion yuan ($4.7 billion) at Lianyungang's demonstration zone for enhancing cooperation between China's eastern, central and western regions.

To work in tandem with the initiative, Jiangsu has worked to make breakthroughs in infrastructure connectivity, trade and industrial cooperation, cultural exchanges and the building of trade zones and industrial parks in countries along the Belt and Road routes, Chen said.

"Intensifying trade and industrial cooperation satisfies the surging demand arising from the accelerating industrialization process of the developing economies along the routes," Chen said. "It also helps optimize the industrial structure of Jiangsu through industrial transfer and by shifting overcapacity."

Jiangsu has encouraged the export of heavy equipment and investment in the countries along the Belt and Road, he said.

In 2014, trade between Jiangsu and the 64 countries along the Belt and Road accounted for 10 percent of China's total investment in these countries, according to the provincial statistics bureau.

The province's contracted investment in the 64 countries totaled $4.8 billion last year. In the first nine months, combined investment pooled from the province to five leading countries alone — Indonesia, Thailand, Singapore, Malaysia and Pakistan — amounted to $1.58 billion.

To prop up foreign investment, Jiangsu set up a special Belt and Road Fund in July, with initial capital of 3 billion yuan. It is expected to expand 10-fold to 30 billion yuan by 2020, Chen said.

Already, businesses in Jiangsu have expanded their foothold worldwide. Their investment in the Sihanoukville Port Special Economic Zone in Cambodia, the Skyrun industrial zone in Nigeria and the Eastern Industrial Park in Ethiopia has helped more Jiangsu companies "go abroad", Chen said.

Contact the writer through zhaohuanxin@chinadaily.com.cn