Dalian to expand foreign trade as it eyes 1 trillion-yuan milestone

Dalian is looking to expand its foreign trade with a focus on neighboring international markets as it sprints toward becoming a city with a trillion-yuan ($139.7 billion) annual gross domestic product.

The coastal port city, in Liaoning province, has long been a vital economic center in Northeast China, and last year, its GDP reached 951.69 billion yuan.

Located at the northern side of the Bohai Strait, Dalian plans to cultivate new foreign trade opportunities by strengthening cooperation with nearby Japan and South Korea, and economies involved in the Belt and Road Initiative, said Li Hanguo, head of the Dalian Municipal Bureau of Commerce.

"We will promote innovative growth of trade in services and accelerate the building of comprehensive pilot zones of cross-border e-commerce in Dalian," said Li.

He added that the city will focus on optimizing the structure of foreign investment. This will include promoting investment of foreign capital in emerging industries such as advanced equipment manufacturing, digital economy, and health and medical care, the director said.