The role of Hangzhou's Qiantang New Area in China's dual circulation strategy was recently praised by CGTN, a renowned Chinese broadcaster, via a special video series entitledDual Circulation.
Innovation is a keyword for the area's development, as it has been seeking to promote industrial upgrading through technological innovation.
Statistics show that in 2020, technology-based small and medium-sized enterprises in the area grew 130 percent, while research and development centers grew nearly 30 percent. The area also focuses on high-end equipment manufacturing and has been accelerating the construction of a world-class intelligent manufacturing cluster
The area held 11 promotional sales events in 2020, which were attended by 2 million people, issued 452.2 million yuan ($69.55 million) in coupons, and saw a sales revenue of nearly 1.2 billion yuan.
Qiantang New Area also plays an active role in boosting international circulation, especially in cross-border e-commerce. The Hangzhou Cross-Border E-Commerce Supply Chain Industrial Park is a typical example. It provides services such as insurance, logistics support, and tax rebates.
"We are building a global collection center for cross-border e-commerce so that foreign SMEs can earn more profits. We are also promoting the healthy development of online global trade by making the process faster and easier," said Zhao Siqian, vice-general manager of the industrial park.
Through the park's online platform, information about the goods being traded, from production to shipment, can be shared quickly among manufacturers, sellers, and buyers. Sellers can easily find buyers, and goods can even be directly delivered from manufacturers to customers.
Statistics show that in 2020, the area's foreign capital in actual use reached $1.23 billion and the total value of its imports and exports reached 89.2 billion yuan, both ranking first in Hangzhou.