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John Wang
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Stocks
April 20 19:40

China to boost trading in the northwest

China is planning to further develop the pilot free Caofeidian trade zone
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China is planning to further develop the pilot free Caofeidian trade zone. The local government has revealed, that international commodities and foreign investments will be the top priorities.
The Caofeidian district is situated near the biggest steelmaker in the country - Tangshan. The authorities plan to get the overall trade volume of over 50 billion RMB. The other target is launching at least 100 foreign projects in two years.
The district is also working on creating a new trade centre for commodities trading somewhere in northeast. The project’s completion is scheduled on 2025. Chinese northwest and Mongolia are supposed to become a new shipping node.
The authorities are planning to enhance the energy storage, as well as distribution. Eligible companies will receive support to apply for the import quotas for crude oil.
Last year 370 tonnes of cargo passed through Caofeidan.