On Dec 26, 2023, Bayan Obo Mining District in Baotou held its first-ever promotional event to accelerate the expansion of its cross-border e-commerce into overseas markets.

Bayan Obo has been making positive strides in promoting the integration of Chinese and international trade. Actively participating in the co-construction of the "Belt and Road" Initiative and the China-Mongolia-Russia Economic Corridor, the district is elevating its level of openness to assist enterprises in expanding their international reach.

The event saw the participation of over 70 companies from Inner Mongolia autonomous region in fields such as new energy, rare earth products, equipment manufacturing, biotechnology, and logistics. The event also led to the establishment of five foreign-funded foreign trade enterprises in Bayan Obo. These enterprises have already facilitated more than 1 million intended orders and achieved a foreign trade volume of over 100 million yuan ($13.93 million).

This initiative has further propelled the development of Bayan Obo in areas such as cross-border e-commerce, enclave economy, commercial and trade logistics, and high-tech industries.

Na Jian, executive director of Inner Mongolia Shengfei Operation Technology Co, mentioned that an increasing number of enterprises recognize that conducting integrated domestic and international operations is a crucial means to utilize resources, cope with market risks, and expand development opportunities.

In November 2023, Bayan Obo specifically issued the "Opinions on Promoting the Stable Development of an Open Economy in Bayan Obo Mining District". This policy provides comprehensive support to enterprises, including the expansion of overseas channels, engagement in cross-border e-commerce trade, talent training, and logistics.