Lanzhou New Area, in Gansu province, features on the newly released list of China's 29 additional national demonstration zones to be established for the innovative development of the import trade.
The high-tech zone is the first in Gansu province to feature on the list.
The Lanzhou New Area [Photo provided to gogansu.com]
Goals have already been set for the demonstration zone. It is expected to facilitate the circulation of imported goods, reduce institutional costs, and promote the quality and scale of trade, which will contribute to the economic growth of Lanzhou New Area and the whole province.
Over the past seven years, the area's volume of import and export trade has risen from less than 40 million yuan ($5.6 million) to 8 billion yuan, of which imports accounted for more than 80 percent. An export-oriented economy has been established in the area, and it has become one of the most thriving areas of foreign trade in Northwest China.