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China to see strong growth in foreign trade in rest of 2021: UK think tank

Abstract : China's exports and imports are both expected to see strong growth in the rest of 2021 amid positive global and domestic economic recovery, British think tank Oxford Economics said in a report released Tuesday.

Aerial
photo taken on Jan. 14, 2021 shows the container terminal of the
Lianyungang Port in Lianyungang City, east China’s Jiangsu Province.
(Photo by Geng Yuhe/Xinhua)

“We
expect export momentum to remain robust in the second quarter (Q2),”
said the report, adding that a strong global economic recovery would
underpin China’s exports through 2021, despite the likely retreat of
pandemic-related demand later this year.

LONDON,
April 13 (Xinhua) — China’s exports and imports are both expected to
see strong growth in the rest of 2021 amid positive global and domestic
economic recovery, British think tank Oxford Economics said in a report
released Tuesday.

“We
expect export momentum to remain robust in the second quarter (Q2),”
said the report, adding that a strong global economic recovery would
underpin China’s exports through 2021, despite the likely retreat of
pandemic-related demand later this year.

Given
global shipping delays could overshadow the near-term export outlook,
China’s role in global supply chains “doesn’t seem to have diminished,”
said the think tank.

“On
the contrary: China’s exports have gained global market share since the
onset of the pandemic, and the improvement has been broad based across
goods categories in recent months,” said the think tank.

Workers
process chestnut kernels for export at a workshop of a foreign trade
company in Zunhua City, north China’s Hebei Province, July 14, 2020.
(Photo by Liu Mancang/Xinhua)

Apart
from the exports, the British think tank also said that “looking ahead,
goods imports should continue to grow in the rest of the year due to
the ongoing domestic recovery.”

“We
expect economic growth momentum to gain pace again after the temporary
weakness in Q1 (the first quarter),” said the think tank, noting the
fact that domestic travel and logistics “returned to ‘normal’ in March,
and we look for consumption momentum to see a more visible improvement
in the second half of the year 2021.”

The
report came as China’s official data showed earlier in the day that the
country’s total imports and exports of goods surged 29.2 percent year
on year to 8.47 trillion yuan (about 1.29 trillion U.S. dollars) in Q1
of 2021.

In
the quarter, exports jumped 38.7 percent from a year earlier and
imports climbed 19.3 percent in yuan terms, according to figures
released by the Chinese General Administration of Customs (GAC).

Meanwhile,
the Association of Southeast Asian Nations remained China’s largest
trading partner during the period, followed by the European Union and
the United States, the GAC data showed.

Photo taken on Jan. 7, 2020 shows China-produced sedans at Tesla’s gigafactory in Shanghai, east China. (Xinhua/Ding Ting)

In
the first quarter, China’s trade with countries along the Belt and Road
rose 21.4 percent year on year to reach 2.5 trillion yuan (about 0.38
trillion dollars). The country’s imports and exports to Vietnam,
Indonesia and Poland achieved relatively rapid growth.

“So
there’s lots of opportunities for foreign companies to succeed in China
and succeed right throughout the BRI (Belt and Road Initiative),”
Stephen Perry, chairman of Britain’s 48 Group Club, told Xinhua in a
recent interview.

The
48 Group Club is a British trade organization that provides policy
interpretation, information consultancy, legal assistance and other
services for both British and Chinese companies.

“I
think China is quite clear that its economy will have sizable foreign
participation in order to protect the interests of the Chinese people
and to help grow the economies of other countries,” said Perry.

“In the long term, the best opportunities, as I said, are in China and in BRI,” said Perry.

Aerial
photo shows a China-Europe cargo train loaded with containers of
electronic products and accessories of household appliances leaving for
Russia’s Vorsino in Nanjing, east China’s Jiangsu Province, Jan. 27,
2021. (Xinhua/Li Bo)

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal.China’s silk road economic belt and the 21st century maritime silk road website,includes BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China to see strong growth in foreign trade in rest of 2021: UK think tank

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