JINAN, Shandong Province in East China recorded a foreign trade volume of 1.56 trillion yuan (approximately 218 billion U.S. dollars) in the first half of this year, representing a YoY increase of 1.8%. Notably, over 70% of the total was contributed by its private sector, according to Xinhua.
During the period, private enterprises in the province achieved a 3% year-on-year growth in foreign trade and accounted for 73.6% of Shandong's total imports and exports. These figures highlight the increasingly prominent role of the province's private sector in driving its foreign trade, as stated by local customs officials during a press conference on Tuesday.
During the first half of this year, Shandong's exports increased by 1.9% to nearly 925 billion yuan, while imports grew by 1.7% to over 638 billion yuan, contributing significantly to the overall trade performance.
Notably, the province's trade with countries along the Belt and Road increased by 12 percent year on year, reaching a total of 632 billion yuan during the period, with over 80 percent originating from private enterprises.
Tariq Al Fahaam/
Source: Emirates News Agency