China's northernmost free trade zone sees 72.8 percent trade growth with Russia in first half of 2022

(ECNS) -- Trade volume with Russia in the China (Heilongjiang) Pilot Free Trade Zone has reached 13.503 billion yuan (about $1.96 billion) in the first half of 2022, growing by 72.8 percent year on year, according to authorities in Heilongjiang.

Total foreign trade volume in this northernmost free trade zone has reached 16.687 billion yuan in the first half of 2022, a 48.3 percent year-on-year increase.

Heilongjiang is located in the central area of northeast Asia and has over 20 national first-class ports.

Relying on its 2,981-kilometer-long border with Russia, Heilongjiang is a vital hub of the China-Russia economic corridor, as well as a great window of China’s opening to the north.

Covering an area of 119.85 square meters, the free trade zone was established on Aug. 30, 2019, and consists of Harbin, Heihe, and Suifenhe.

The foreign trade volume of the free trade zone reached 69.084 billion yun at the end of June 2022, accounting for 12.8 percent of the total amount of Heilongjiang. Meanwhile, 16,539 new enterprises have been established, an increase of 96.8 percent compared with the number before the opening of the free trade zone.

It has utilized $340 million of foreign capital, about 19.7 percent of the total in Heilongjiang by the end of June 2022.