Quality Improvement in China’s Foreign Trade Stability Shows Economic Resilience Potential

According to the latest data released by the General Administration of Customs, in the first eight months of this year, China’s total import and export value of goods trade reached 20.13 trillion yuan, an increase of 3.6% over the same period last year. China’s imports and exports in a complex and severe situation, such achievements are hard-won, indicating that China’s long-term economic fundamentals have not changed, the trend of constant stability and quality has not changed, showing tremendous resilience and potential.
Under the impact of unilateralism and protectionism, the World Trade Organization in April cut its global trade growth forecast to 2.6% from the previous 3.7%. Against the background of the global downturn in foreign trade, China’s foreign trade has maintained steady growth and steadily improved quality in the first eight months of this year, which is particularly conspicuous. This is mainly manifested in three aspects:
First of all, China’s import and export structure continues to be optimized to a higher end of the industrial chain.
Secondly, China’s import and export markets are becoming increasingly diversified, and enterprises’ability to resist risks has been improved.
Third, private enterprises continue to be an important force in promoting China’s foreign trade growth.
Against the background of the current slowdown in world economic and trade growth, the monthly import and export value of China’s trade has exceeded 2.5 trillion yuan for five consecutive months, showing considerable resilience, thanks to China’s unswerving expansion of opening up. A series of measures, such as the construction of Shenzhen Pioneer Demonstration Zone and Shanghai Free Trade Zone, the addition of six new Free Trade Test Zones, the implementation of a larger-scale tax reduction policy and the promotion of trade facilitation level, are promoting China’s transition from a flow-oriented opening of commodities and elements to a higher level of institutional opening, which has injected into China’s foreign trade development. Strong driving force.
At the same time, the growing endogenous power of Chinese enterprises has provided important support for foreign trade. At present, the foreign trade value of private enterprises and foreign-funded enterprises account for about 40% of China’s total import and export value. With the rapid growth of private enterprises and the continuous deep cultivation of foreign-funded enterprises in China’s market, the vitality of market players will be further enhanced, and the endogenous driving force for foreign trade development will be stronger.
Under the background of uncertainties in the external environment, the steady improvement of China’s foreign trade is conducive to further accelerate technological innovation, enhance product added value, improve labor productivity and enhance the ability to withstand risks. No matter how stormy the outside world is, China’s long-tested economy will move firmly towards high-quality development.

Post time: Sep-12-2019

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