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World Insights: China’s foreign trade surge in first two months revives global recovery, experts say

Abstract : With its foreign trade maintaining an upward momentum in the first two months of 2021, China's resilient economy and greater opening up will give more confidence to its trading partners and global economic recovery, overseas experts and organizations have said.

Aerial photo taken on Aug. 23, 2020 shows part of the vacated area at Rizhao Port, east China’s Shandong Province. (Rizhao Port/Handout via Xinhua)

“In many parts of the world, both on bilateral and multilateral terms, China’s trade with its partners is expanding and deepening year after year,” said Cavince Adhere, a China-Africa relations expert based in Nairobi.

BEIJING, March 10 (Xinhua) — With its foreign trade maintaining an upward momentum in the first two months of 2021, China’s resilient economy and greater opening up will give more confidence to its trading partners and global economic recovery, overseas experts and organizations have said.

The country’s total imports and exports of goods expanded 41.2 percent year on year to 834.49 billion U.S. dollars in the January-February period, according to China’s General Administration of Customs (GAC).

Meanwhile, its total exports soared 60.6 percent year on year to 468.87 billion dollars, the GAC reported.

Facing a sluggish global economy caused by the COVID-19 pandemic, “China’s presence looms large,” said Tong Shiping, a professor of economics at Japan’s Dokkyo University, adding that “at the same time, a market of 1.4 billion people remains attractive to global investors.”

Aerial photo taken on Feb. 24, 2021 shows a crane transporting a container onto a China-Europe freight train at Changchun International Land Port in Changchun, northeast China’s Jilin Province. (Xinhua/Zhang Nan)

Commenting on the double-digit growth in China’s exports to its major trading partners year on year — 75.1 percent to the United States, 51.9 percent to the European Union (EU) and 43.2 percent to the Association of Southeast Asian Nations — Tong said this has shown growing dependence on Chinese products across the world.

“The rise in exports will play a locomotive in the rapid recovery of China’s economy,” the professor added.

“China is doing better, driven by strong gains in manufacturing,” Diane Swonk, chief economist at Grant Thornton, a major accounting firm, wrote Monday in a blog post.

“China has become an even larger export platform post-pandemic than it was prior. Part of that is due to the outsize role it plays in the production of PPE. Another reason is that moving manufacturing facilities back to the U.S. never occurred,” she noted.

A laborer works at the construction site of Meizhou Bay cross-sea bridge of the Fuzhou-Xiamen high-speed railway in southeast China’s Fujian Province, Nov. 2, 2020. (Xinhua/Song Weiwei)

Also in the January-February period, China’s total imports rose 22.2 percent to 365.62 billion dollars, according to the GAC.

In 2020, exports of such countries and regions as Japan, the EU and Latin America declined significantly, while their exports to China still showed a steady upward trend, becoming a bright spot in this field.

“In many parts of the world, both on bilateral and multilateral terms, China’s trade with its partners is expanding and deepening year after year,” said Cavince Adhere, a China-Africa relations expert based in Nairobi, pointing out that China has surpassed the United States to become the EU’s top trading partner and has been Africa’s largest trading partner for 11 years.

“China’s economic vibrancy injects optimism for a better showing for the global economy,” Adhere said. 

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: World Insights: China’s foreign trade surge in first two months revives global recovery, experts say

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