At a regular press briefing on the 12th, He Yadong from China's Ministry of Commerce said that since the start of this year, China's foreign trade has been growing steadily, even with a lot of complicated things going on.
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During the conference, a reporter asked about China's trade performance from January to May. They pointed out that overall merchandise trade was up by 2.5% compared to last year, with exports jumping by 7.2%. They wanted to know how the Ministry of Commerce sees China's trade results so far and what its outlook is for the future.
He Yadong pointed out that since the start of this year, China's foreign trade has kept moving forward steadily, even with some tough conditions. Many foreign trade companies have adapted to the changes and are trying out new ideas. Supportive policies for businesses are being put into place effectively, which has helped boost both the amount and quality of trade. This shows that China's foreign trade still has a lot of strength and energy, mainly in these three areas:
● The "circle of friends" is now more varied than before. In the first five months, emerging markets played a bigger role in driving growth. China's trade with countries along the Belt and Road grew by 4.2%. Trade with ASEAN countries went up by 9.1%, and with Africa, it increased by 12.4%. Overall, the mix of markets keeps getting more diverse.
● Second, the new sources of growth are picking up speed. China’s foreign trade is becoming more advanced, with more high-tech and high-value products gaining a competitive edge. In the first five months, exports of electrical and mechanical goods grew by 9.3%, making up about 60% of all exports. Specifically, exports of integrated circuits jumped by 18.9%, general machinery by 9.5%, electric vehicles by 19%, and ships by 18.9%. New ways of doing foreign trade, like bonded maintenance, are also creating fresh opportunities. The Commerce Ministry, along with other authorities, has rolled out the first lists of bonded maintenance products for pilot free trade zones. This lets eligible regions do bonded maintenance on high-value items like planes and ships. By May, over 280 bonded maintenance projects had already started across the country.
● Foreign trade businesses are full of energy. In the first five months, private companies saw their imports and exports grow by 7%, making up about 57% of the total trade. Foreign-funded companies have been seeing steady growth for four months in a row, and now there are about 73,000 foreign firms actually involved in import and export activities.
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He Yadong said, "Now's the time to push even harder on opening up at a high level, especially because the outside world is pretty unpredictable and complex. We’ll keep focusing on steady, good-quality growth to deal with those uncertainties. We're eager to collaborate with more trading partners, face risks together, and create benefits for everyone."
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