What's MOFCOM's comment on China's foreign trade figures in the first half of this year? Going forward, what will MOFCOM do to promote the steady development of higher-quality foreign trade?(2022-07-14)
Since the beginning of this year, MOFCOM has been resolutely implementing the decisions and plans of the CPC Central Committee and the State Council and following the requirements on preventing COVID-19, stabilizing the economy and ensuring secure development. Putting stability front and center and seeking progress while maintaining stability, MOFCOM worked together with local governments and line ministries to introduce, in a timely manner, policies and measures to keep industrial and supply chains stable and smooth for foreign trade, and help foreign trade enterprises secure orders, expand market and get more competitive internationally. With the concerted efforts of all parties, China’s foreign trade demonstrated resilience in development in the first half of this year despite the adverse impact of multiple factors at home and abroad.
First, trade figures hit record highs. Total imports and exports amounted to RMB19.8 trillion, up 9.4% on the large base in the same period last year. To break this down, total imports and exports as well as total exports alone hit monthly record highs in June. Exports of the Yangtze River Delta rebounded rapidly, growing 9.3% in the first half of this year. China remains the world’s largest trader in goods, with the share of its exports on the international market reaching 14.1%, roughly the same level as in the same period last year.
Second, the structure and quality improved. China’s exports to emerging markets accounted for 51.8%, up 2 percentage points compared with the same period last year. The imports and exports of private enterprises increased by 13.6% and accounted for 49.6% of the total, up 1.9 percentage points. The competitiveness of a number of high-tech, high-value-added products leading green transformation continued to increase.
Third, foreign trade made greater contribution to the national economy. In the first half of this year, net goods export registered RMB2.48 trillion, a year-on-year increase of 57.5%, giving a strong boost to GDP growth and contributing to a consolidated foundation for economic recovery and the efforts to keep major economic indicators within an appropriate range. The number of importers and exporters reached 506,000, a year-on-year increase of 5.5%. Foreign trade played a bigger role in keeping the operations of market entities stable, promoting employment stability and ensuring people’s livelihood.
In the second half of this year, China’s foreign trade development will still face a number of uncertainties and instabilities. MOFCOM will work together with local governments and related government departments to keep implementing policies and measures to stabilize foreign trade and ensure that enterprises be informed of and have access to everything they are entitled to know and enjoy. We will focus on four aspects to realize the goal of guaranteed stability and improved quality.
First, we will stabilize foreign trade entities by cutting costs and boosting efficiency. The connections among governments, banks and businesses will be strengthened to guide precision lending by financial institutions and cut business financing costs. Export tax rebates will be accelerated to reduce the financial burden on businesses. Guidance will be strengthened for matching shipping space supply with demand to reduce shipping costs.
Second, we will stabilize foreign trade production and circulation by strengthening guarantee. Working mechanisms for stabilizing foreign trade and keeping logistics open will be fully tapped to step up guarantee for the production and circulation of foreign trade companies and unclog chokepoints, with a view to reducing importing and exporting costs.
Third, we will help businesses develop markets by securing orders. The Working Group on Unimpeded Trade will be leveraged and signed FTAs tapped to guide companies to develop international markets in an targeted way. Continuous efforts will be made to ensure the success of the CIIE, Canton Fair, CIFTIS and CIFIT, among other international expos and guide localities and industry associations to develop a host of online country, professional and specialty shows.
Fourth, we will foster new drivers for foreign trade through innovation. We encourage innovative, green and high value-added products to develop international markets. New business types and models such as cross-border e-commerce, overseas warehouse, market procurement, foreign trade comprehensive service, bonded maintenance and remanufacturing will be strengthened continuously. Digital trade, green trade and related market entities will also be fostered expeditiously. Thank you.