Guangdong issues plan for promoting high quality development of trade

On May 8th, a conference highlighting Guangdong’s high-quality development of trade was held in Guangzhou, also an action plan for promoting high-quality development of trade was published recently, to develop the province into a trade powerhouse by 2025 with ten key projects.

According to the plan, the value of Guangdong’s import and export of goods will continue exceeding 7 trillion yuan, with an improved trade structure by 2022. And a higher-level open economy system with new advantages in trade competition will be established by 2025.

In order to achieve the above goals, Guangdong will launch ten key projects for high-quality trade development in sectors of digital trade, new business models, “Guangdong Trades Globally”, exhibition promotion, major trade platforms, industrial chain investment promotion, developing leading trade enterprises, building a Greater Bay Area International Consumer Hub, reform of customs clearance facilitation, innovation of trade and finance.

As an economic powerhouse, Guangdong has seen a robust foreign trade growth, the province’s total imports and exports have exceeded 7 trillion yuan over the past five years.

In 2020, the volume reached to 7.1 trillion yuan, ranking the first in China for 35 consecutive years. And Guangdong saw its foreign trade total 1.83 trillion yuan in the first quarter of 2021, up 33.4 % year-on-year.

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