Since the beginning of this year, our foreign trade has maintained stability despite pressure from home and abroad. From January to May this year, our total imports and exports grew by 8.3% year-on-year in RMB terms, and is expected to keep a relatively high growth rate in June.

Based on our recent surveys in some localities, industries and enterprises, we will face increasing uncertainties and destabilizing factors in the second half of 2022, indicating a grim and complex situation for foreign trade. Externally, due to geopolitical conflicts and tightened monetary policies by some developed economies, the global economy is likely to slow down, overshadowing the growth prospect of trade. Domestically, the base figure of foreign trade has been greatly raised, and comprehensive costs for businesses remain high, which will make it hard for companies to win new orders and expand markets.

That said, we still enjoy multiple favorable conditions for steady increases in both the volume and quality of imports and exports for the whole year. First, China has a solid foundation for foreign trade, which guarantees its fundamentals sustaining long-term growth. Second, polices aimed at stabilizing foreign trade have taken effect. Local governments have further balanced Covid-19 prevention and control and economic and social development, kept refining policy measures and unleashed the vitality of foreign trade companies. Third, new energy and other industries have maintained a sound momentum, and are expected to keep contributing to the overall growth.

Moving forward, MOFCOM will work with local governments and line ministries to implement the policy measures to stabilize foreign trade, sustain our efforts in ensuring smooth trade, increasing fiscal and financial support, helping companies get more orders and expand markets, and stabilizing industrial and supply chains for foreign trade. We will continue to support companies in making most of relevant policies and measures for their steady and sound development. Specifically, first, we will help companies lower comprehensive costs, utilize export credit insurance tools to enhance their capability of securing orders and fulfilling contract obligations. Second, we will support companies in participating in exhibitions to consolidate traditional markets and existing clients, and explore new markets. Third, we will encourage companies to enhance the ability to make innovations, stay responsive to the changing needs of foreign consumers, and work to increase the quality of foreign trade. Thank you.