Quzhou's processing trade imports and exports were valued at 1.47 billion yuan ($216.84 million) in the first quarter of 2022, a large increase of 96.7 percent year-on-year and the highest growth rate in Zhejiang province, according to statistics from Quzhou Customs.

Specifically, exports in processing trade totaled 1.23 billion yuan, a year-on-year increase of 145 percent and 116.7 percentage points higher than the city's overall average.

The rapid growth in the processing trade can be attributed to an increase in the imports and exports of the paper industry.

In the first quarter, the city's imports of pulp stood at 110 million yuan, a sharp increase of 160 percent year-on-year, while exports of paper products reached 520 million yuan, soaring 79.6 percent year-on-year.

Meanwhile, processing trade imports and exports between Quzhou and the Asian market amounted to 1.01 billion yuan, surging 160 percent year-on-year and accounting for 68.7 percent of the city's total. The city's processing trade with countries involved in the Belt and Road Initiative expanded 27 percent to 380 million yuan.

Private enterprises and foreign-funded enterprises were the main engine driving the city's processing trade growth over this period.

Private enterprises' processing trade imports and exports reached 900 million yuan, an increase of 100 percent, while those of foreign-invested enterprises were valued at 500 million yuan, up 81.6 percent.