There are three favorable conditions for China's foreign trade to promote stability and improve quality this year

July 26, 2023

There are three favorable conditions for China's foreign trade to promote stability and improve quality this year

Last year, China's foreign trade maintained good growth. Under the complex and difficult situation, China's total import and export value exceeded 40 trillion yuan (RMB, the same below), reaching 42.07 trillion yuan, a year-on-year increase of 7.7%, and the trade scale hit a new high. Fu Linghui, spokesman of the National Bureau of Statistics of China, said that despite the great pressure, there are many favorable conditions to promote stability and improve the quality of foreign trade this year. Mainly in the following three aspects:

First, the growth of China's foreign trade is based on China's very good industrial system and complete production capacity. A few years ago, affected by the impact of the epidemic, the shortage of epidemic prevention materials and consumer electronics products was more prominent. Due to a relatively complete industrial system and relatively strong adjustment capabilities, China quickly adjusted its production capacity to adapt to changes in external demand and drove high growth in foreign trade. These are the most important foundations for foreign trade.

The second is that China has insisted on opening up to the outside world in recent years and actively promoted economic and trade cooperation with countries around the world. Last year, China's imports and exports to countries along the "Belt and Road" increased by 19.4%, and imports and exports to other members of the RCEP (Regional Comprehensive Economic Partnership Agreement) increased by 7.5%, which played an important role in stabilizing foreign trade. In the first two months of this year, China's imports and exports to countries along the "Belt and Road" increased by 10.1%, of which exports to countries along the route increased by 15.2%, which played a positive role in stabilizing foreign trade.

The third is that the new kinetic energy of foreign trade has gradually increased in recent years. Cross-border e-commerce and overseas warehouses are developing very fast. With the development of the digital economy in the future, digital trade may become a new growth point in the growth of foreign trade.

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Author:

Ms. Sunny Shen

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manager@toda.group

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