Liaoning moves to boost foreign trade, draw investment

Liaoning province is pursuing new business models and initiatives to boost foreign trade and attract investment as it builds a more open and interconnected economy, a senior official said.

Liaoning's total import and export volume reached 763.05 billion yuan ($105.2 billion) last year, while actual foreign investment amounted to 21.86 billion yuan, said Pan Shuang, a deputy to the 14th National People's Congress and director of the province's department of commerce.

"The keyword for Liaoning's foreign trade and investment efforts in 2024 is 'exploration'," Pan said, noting that the province has launched "zero-to-one" initiatives to help industrial enterprises, high-tech firms, small and medium-sized businesses, and cross-border operators expand into foreign trade, online marketing and emerging markets.

Liaoning added 779 new foreign trade market entities last year, contributing an additional 11.5 billion yuan to trade volume, she said.

The province is also embracing new business models to boost trade. It has become the site of Northeast China's first cross-border ship and aircraft financing lease projects, as well as the region's first bonded mixing trial site for imported copper concentrate.

The used car export sector has also grown significantly, with the export value reaching 1.88 billion yuan, up 7.1 percent year-on-year. Export volume exceeded 10,000 vehicles, marking a 20.9 percent increase from the previous year.

Liaoning is actively exploring new international markets, including Central and Eastern Europe, Central Asia and West Asia, Pan said. The province is also tapping into emerging sectors, including equity investment, the low-altitude economy, and ice and snow tourism, while developing new business models such as cross-border e-commerce and international marketing networks.

Foreign investment in Liaoning has also risen, with major global companies increasing their presence. Last year, BMW Group announced an additional 20 billion yuan investment in its manufacturing base in Shenyang, the provincial capital, while multinational corporations such as Draxlmaier Group, Michelin, Panasonic, SK Group, Saudi Aramco and Wilmar International have engaged in investment discussions.

According to government data, Liaoning saw 958 newly registered foreign-invested enterprises last year and received foreign investment in 236 projects, 12 more than the previous year.

The province has also strengthened its open economic platforms. The China (Liaoning) Pilot Free Trade Zone's Shenyang section has developed a thriving aviation industry cluster, Pan said, adding that Shenyang is Northeast China's only China-Europe freight train consolidation center. Liaoning operated 892 China-Europe freight trains in 2024, a 14.4 percent year-on-year increase, ranking first in Northeast China and eighth nationwide, she said.

Looking ahead, Liaoning aims to expand its openness and foster a more dynamic and cooperative economic environment, Pan said.

"The province is prioritizing digital, green and service trade, nurturing digital transformation in foreign trade enterprises, developing regional cross-border e-commerce hubs ... to build a high-level, globally connected trade and investment ecosystem," she said.