East China’s Jiangsu province has made unremitting efforts over the past year for transformation and upgrading by adjusting the trade structures to give a stronger impetus to the foreign trade growth.
Huihong Group has developed its independent brand suitcase and bag BENGA to win several design patents and international awards and earn international reputations, which has in turn helped to boost the gross profitability by 50% and the annual sales volume by 100%.
Growing from processing trade to original design, from OEM production to independent brand, Huihong continued to promote traditional foreign trade to create a better quality-oriented return on investment.
Since this year, with the continuous improvement of independent innovation capacity, higher value-added general trade mode of import and export has occupied a leading position in the province's foreign trade import and export.
The province’s participation in the belt and road initiative has helped more Jiangsu enterprises make inroads into the overseas market for better integration into the global value chain.
Hengtong PV has signed a 222MW photovoltaic power contract in Cambodia to secure a total investment of 200 million USD.
As the global market leader in optical fibers, Hengtong has made set up 20 sales distribution networks along the countries participating in the belt and road initiatives to generate half of its overseas revenue. The group company is expected to post 500 million yuan of export volumes to the countries participating in the belt and road initiative.
In the first 11 months of this year, the foreign trade volume in Jiangsu totaled 3.63 trillion yuan, up 20% year on year and accounting for 14.5% of the national total. The province’s export to the countries participating in the belt and road imitative totaled 793.9 billion yuan, up 22.6% from a year ago and accounting for 21.8% of the provincial total.
