Challenges abound as initiative moves ahead slowly
Since the launch of the "One Belt and One Road" (B&R) initiative in 2013, Xinjiang has received a great deal of attention. Both the central government and the regional government have made Xinjiang a focal point of their B&R planning, which should boost the region's economy. Consequently, Xinjiang's companies are brimming with optimism about the initiative, but challenges also remain.
Xinjiang Hualing Industry and Trade Group, an Urumqi-based company that operates commodity trade markets, started its expansion into Central Asia and eastern Europe a decade ago, but the "One Belt and One Road" (B&R) initiative could offer a fresh boost.
"The 'B&R initiative' will definitely give a boost to our company's expansion plans," Gao Jianmin, Hualing's office director, told the Global Times on Friday.
Gao said the central government's plan will make it much easier for the company to make business deals in foreign countries, and more importantly, bring new opportunities as investment is expected to pour into both Xinjiang and Central Asian countries.
Hualing is currently working on business deals in Kazakhstan and a few other countries in Central Asia, where the company is planning to build more trade markets. Gao said the deals represent examples of benefits under the "B&R initiative."
"When you look at all these areas, the market is just enormous," he said, pointing at Central Asia and East Europe on a map on his computer.
Since the introduction of the "B&R initiative" in 2013, which aims to boost cooperation with Central Asian and Southeast Asian countries in areas like trade and monetary cooperation, Northwest China's Xinjiang, with its proximity to several countries in Central Asia, has become a focal point.
Gao said under the "B&R initiative," trade ties between China and Central Asian countries will improve significantly, which could present a lot of opportunities.
"And as a Xinjiang-based company with a long history in Central Asia, we are well positioned to seize those opportunities," Gao said.
And more than just opportunities abroad, plans put forward by the Xinjiang regional government as a part of the "B&R initiative" can also offer new opportunities at home, Gao said.
Opportunities at home
The Xinjiang regional government's plan includes creating five centers, such as a regional transportation center, a trade logistics center, a financial center and a regional medical center.
To make those plans a reality,
Hualing aims to expand its logistics business in Xinjiang and build a hospital that focuses on the market in Central Asia, Gao said.
Hualing is just an example of Xinjiang's "B&R fever," which can be felt in talks with many other companies in the region.
Xinjiang Central Asia Commodity Exchange Center Co (XJCACE) has its eye on new, booming industries such as online trading and cloud computing, believing the combination of new information technologies and traditional local resources could take off soon.
The company, which operates the Central Asia Commodity Exchange Center in the oil city of Karamay in northern Xinjiang, has been focusing on online oil trading, cloud computing and smart city operating services, which the company sees as opportunities under the "B&R initiative."
"Our endeavors in these areas are aimed at supporting economic transition and upgrade in Karamay and all of Xinjiang, ultimately serving the 'B&R initiative,'" Ji Lexiang, the company's director of planning, told the Global Times on Saturday.
