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Commentary: China’s foreign trade growth boosts hope for world economy

Abstract : The latest customs data shows that China's foreign trade has gained steady recovery from the COVID-19 pandemic as the imports and exports both rose remarkably year on year in June.

BEIJING, July 14 (Xinhua) — The latest customs data shows that
China’s foreign trade has gained steady recovery from the COVID-19
pandemic as the imports and exports both rose remarkably year on year in
June.

China’s foreign trade has surprised the world and boosted hope for global recovery.

Statistics show that China’s imports and exports in June rose by 6.2
percent and 4.3 percent year on year respectively, beating forecast and
injecting confidence into the world market.

In the first half of the year, China’s foreign trade volume totaled
14.24 trillion yuan (about 2.03 trillion U.S. dollars), down by 3.2
percent from a year ago. However, the range of decline has narrowed by
1.7 percentage points compared with the figure for the first five months
this year, thanks to the effective control of the coronavirus disease
and government policies to resume production.

The key indicators of China’s foreign trade have delivered an
optimistic signal to the world that China has gained notable resumption
of work and life, and this helps to stabilize the global supply chain as
China is a manufacturing giant.

The growth of China’s foreign trade is healthy and sustainable, making a great contribution to the world economy.

Firstly, the government has stuck to reform and opening-up, adopting a
series of policies to boost imports and exports, including further
implementing export tax rebate policy, extending credit scale for
foreign trade companies and setting up more comprehensive pilot zones
for cross-border E-commerce. These measures have helped enterprises tide
over difficulties and will surely have a long-term positive impact on
foreign trade in the future.

Secondly, China’s industries have largely resumed production, driving
up market demand and strongly supporting the growth of imports. In the
first half of this year, imports of commodities such as crude oil, coal,
iron ore and copper ore increased by 9.9 percent, 12.7 percent, 9.6
percent and 3 percent, respectively.

Thirdly, in the second quarter of this year, most of China’s imports
and exports with its major trading partners rose, forming a healthy
foreign trade structure. The Association of Southeast Asian Nations
(ASEAN) remained China’s largest trading partner with trade volume up
5.6 percent year on year to 2.09 trillion yuan, accounting for 14.7
percent of China’s total foreign trade.

Last but not least, exports of epidemic prevention supplies provide
strong backing for the global efforts battling the COVID-19 pandemic.
The exports of such products grew rapidly with sales of medicines and
pharmaceutical products, and medical equipment expanded by 23.6 percent
and 46.4 percent, respectively.

Facing all the difficulties and turbulence of the world economy,
China’s dedication to implementing further opening-up will keep boosting
its foreign trade in the future.

In 2020, China’s Foreign Investment Law was put into place. The
country shortened again the negative list for foreign investment. All
the reform policies will help China and the world accelerate recovery
amid the gloomy global economy. Enditem

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, include 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: Commentary: China’s foreign trade growth boosts hope for world economy

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