Sou Hu Cai Jing·2025-11-22 14:11Core Insights - Hubei Province has achieved significant progress in domestic and international trade during the 14th Five-Year Plan period, with a focus on expanding consumption and enhancing economic growth [1][3][4] Domestic Consumption - The total retail sales in Hubei increased from 1.8 trillion yuan in 2020 to 2.53 trillion yuan in 2024, with an average annual growth rate of 8.9%. In the first nine months of this year, retail sales grew by 5.2%, surpassing the national average by 0.7% [3] - Hubei has implemented a consumption upgrade program, leading to over 176 billion yuan in consumption stimulation through trade-in programs. New consumption models, such as duty-free shops and tax refund stores, have been established, with over 1,000 new stores introduced in the past three years [3][4] Foreign Trade - Hubei's import and export volume increased by 21.6% from January to October this year, ranking first among major economic provinces. The province's exports of mechanical and electrical products accounted for over 50% of total exports [3][4] - The province has initiated actions to expand market access for enterprises, with a focus on countries involved in the Belt and Road Initiative, which now accounts for 53.3% of total imports and exports [3] Investment and Infrastructure - Hubei has established a comprehensive open platform system, including eight open ports, six comprehensive bonded zones, and nine national-level economic development zones. The province has attracted 14,772 projects with over 100 million yuan in investment over the past four years [4][5] - Major projects, such as Xiaomi's smart home appliance factory and EVE Energy's super factory, have been established in Hubei, with actual foreign investment reaching 9.8 billion USD, the highest in Central China [4] Future Directions - The province aims to enhance consumption by focusing on new demand and supply, promoting innovative consumption models, and improving service quality in sectors like dining, accommodation, and healthcare [5][6] - Hubei plans to create a world-class commercial hub and improve the rural and urban consumption market, while also enhancing the consumer environment through a three-year action plan [6] - The government will work on increasing public service spending and reducing costs related to childbirth, education, and healthcare to boost consumer confidence [6]