Since the beginning of this year, in response to the daunting challenge of COVID-19 on foreign trade, under the firm leadership of the CPC Central Committee, MOFCOM has timely rolled out policy measures to stabilize foreign trade, with specific business-relief targets on maintaining stability of foreign trade entities, their market shares and export orders, and industrial and supply chains. A great synergy has been forged among the government, industries and businesses, which boosted the steady recovery and growth of foreign trade and demonstrated its strong resilience and comprehensive competitiveness.

First, China’s foreign trade scale set a historical record.

From January to November, the total import and export value stood at RMB 29.04 trillion (or USD 4.17 trillion), up by 1.8% (or 0.6%, a positive growth for the first time this year in US dollar terms). The expanded scale is accompanied by enlarged shares in the international market.

Second, China’s foreign trade has grown more innovative despite of the predicament and pressure.

Exports via general trade continued to expand in the east with strengthened internal dynamism. In the central and western regions, the export-oriented economy picked up momentum as exports grew faster than the general average and industrial competitiveness markedly improved.

Chinese foreign trade companies have faced up to the challenge and grown bigger in size in spite of market pressure. Private companies’ exports rose by 12.2%, bringing up the general growth rate by 6.2 percentage points.

China’s export products are moving up the value chain. Exports of machinery products as a share of total increased to 59.3%. Robust growth was also seen in exports of integrated circuits, computers, medical equipment and other high-tech, high added-value products, which were up by 14.8%, 10.7% and 44.5% respectively. New forms and patterns of foreign trade business are flourishing. Business environment has kept improving. Exports via cross-border e-commerce and market procurement trade are growing vigorously, playing a vital role in effectively connecting domestic and international markets and invigorating MSMEs.

Third, China’s foreign trade has made important contributions to the world economic recovery.

We stepped up international cooperation on combating COVID-19 with our concrete actions including exporting anti-epidemic supplies to over 200 countries and regions, hence promoting the community of common health for mankind. With a quick recovery of production, China ensured supply of daily life and work necessities to the people around the world during the pandemic, and facilitated the stable functioning of global industrial and supply chains. We also increased imports on our own initiative. China’s imports as a share of the world total rose by 0.8 percentage points, which added to vitality of world economic and trade cooperation.

We’ve noted the recent positive signs of recovery in the international market. The WTO, OECD and other international organizations have revised up their forecasts of global trade and economic growth. However, it would take some time from rebound to recovery. With the COVID-19 pandemic plaguing the globe, international demand is still under strain and foreign trade is overshadowed by multiple uncertainties and destabilizing factors. Evolving around the new development paradigm, we will push for innovation of foreign trade, firmly uphold the multilateral trading system, oppose trade protectionism and more actively engage in global economic circulation. We look forward to cooperating with all trading partners to maintain a sound global trade environment, keep international logistics unclogged and industrial and supply chains stable, and work together towards early trade recovery and economic prosperity of the world.