Country for PR: China
Contributor: Xinhua News Agency
Monday, November 08 2021 - 18:17
AsiaNet
Yinchuan, the Provicial Captial in the Hinterland of China, Gaining New Achievements in Regional Economic Development
YINCHUAN, China, Nov. 8, 2021 /Xinhua-AsiaNet/--

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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