The Dream Factory of China

Source :Qianhai Communication Center

Shenzhen reported a year-on-year growth of 3.6 percent in its total export volume to countries and regions participating in the Belt and Road Initiative in the first three quarters, despite the COVID-19 pandemic that had put the world economy on hold for the first six months.

The total volume of Shenzhen’s exports to Belt and Road Initiative countries and regions in the first three quarters reached 478.42 billion yuan (US$72.55 billion), according to statistics released by Shenzhen Customs. This steady growth was attributed mainly to a series of measures that the city has adopted to stabilize foreign trade and foreign investment.

Shenzhen has strengthened its economic exchanges with the Belt and Road countries after the opening of the China Railway Express.

The Shenzhen Tuori New Energy Technology Co. Ltd is one of the exporters that benefited from the express train services, reporting 320 million yuan in total export volume in the first nine months, an increase of 92 percent year-on-year.

The strong growth was also a result of the measures Shenzhen Customs has introduced. Qianhai Customs, which oversees Tuori, has implemented a program of “differentiated policies for each company.” Through online communications and on-site investigations, Qianhai Customs has solved seven major problems for the company, including customs clearance, follow-up supervision, export inspection, and resolving technology and trade barriers.

The Shenzhen Qianhai Comprehensive Bonded Zone has since become a collection and distribution center of electronic components in the Guangdong-Hong Kong-Macao Greater Bay Area.

Shekou Customs also offers other services such as “entering bonded zone before customs clearance,” “instant cross-border cargo clearance,” and “partial delivery and centralized declaration,” all of which have saved a lot of time and cost for exporters.

In addition, the improving business environment in Qianhai has attracted well-known companies to relocate to the free trade area.

In September, ZTE officially relocated part of its export business to the bonded zone for easier access to the services.