Growing Trade and Entrepreneurship between China and Central Asia

Strategic Insights -

Increased trade and economic exchanges between China and Central Asia have facilitated the growth of new business opportunities and entrepreneurship in the region. A company in Xi'an, Shaanxi Province, has seen significant growth since its registration in September 2023, providing cultural exchange services between the two regions. The company's business director, Turkmen Yagshi Aizhanov, notes that the first China-Central Asia Summit has sparked a growing desire among students from Central Asian countries to study in China, with over 800 people helped to come to study in China in 2024.

Key Takeaways:

  • The company has seen good growth since its registration in September 2023, with a focus on cultural exchange services between China and Central Asian countries.
  • The first China-Central Asia Summit has sparked a growing desire among students from Central Asian countries to study in China, with over 800 people helped to come to study in China in 2024.
  • Mutual visa-free travel agreements between China and Central Asian countries have made travel more convenient, with over 100 universities in China cooperating with the company.
  • Xi'an has become a popular city for students from Central Asia who come to study in China, with a large number of universities and scientific and educational resources concentrated in the city.
  • Young entrepreneurs from Central Asia, such as Amina Gusarova from Kyrgyzstan, are registering companies in Xi'an to provide consulting and translation services to Chinese enterprises.
  • A pilot project on entrepreneurship among foreign specialists has been implemented in Xi'an, attracting 18 expat startup projects since May 2023, with most entrepreneurs from five Central Asian countries.

Statistics:

  • The province's foreign trade turnover with the five Central Asian countries has been growing every year, reaching 8.575 billion yuan (about 1.18 billion US dollars) in 2024, which is a 48.1 percent increase from the previous year.
  • The direct flight from Xi'an to Uzbekistan has significantly reduced logistics costs, with electronics delivered by air in three hours and cleared through customs on the same day.
  • The company's trading volume with Central Asia and Russia has exceeded 2 million US dollars, with plans to expand trade to the Middle East, Europe, and America.

Sources:

  • Xinhua News Agency
  • Shaanxi Provincial Commerce Department
  • People's Republic of China
  • State Council News
  • B. Sakhedov, business partner at the company
  • Wang Yi, business partner at the company
  • Yagshi Aizhanov, business director at the company
  • Doniyor Matmusaev, entrepreneur and founder of a trading company in Xi'an