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The latest data from the Ministry of Commerce shows that in the first 11 months, my country's import and export scale hit a record high in the same period in history. The unexpected "transcript" has given a boost to the sluggish global market. The continued improvement and accelerated growth of China's foreign trade are mainly attributable to the strong resilience and vitality of the Chinese economy. It also helps to smooth the global supply chain, effectively promote globalization, free trade and global economic recovery, and effectively play the role of a global stabilizer. At present, in the face of complex and severe external situations, it is still necessary to accelerate the construction of a new development pattern and stimulate development potential.
Recently, the latest World Economic Outlook report of the Organization for Economic Cooperation and Development (OECD) predicted that China will be the only major economy that will achieve positive growth this year, and the annual economic growth is expected to be 1.8%.
Foreign trade is an important window for observing the economic situation of a country. According to the latest data from the Ministry of Commerce, in the first 11 months, my country's import and export scale reached a record high in the same period, with a total value of 29.04 trillion yuan, an increase of 1.8% year-on-year. The unexpected "transcript" has given a boost to the sluggish global market. How can China's foreign trade quickly get rid of the impact of the new crown pneumonia epidemic, and what positive significance does the continued improvement of foreign trade have for world economy and trade?
Highlight China's economic vitality
Since the beginning of this year, various regions and departments have promptly promoted a series of foreign trade stabilization policies and measures, and implemented precise policies in ensuring foreign trade entities, ensuring market share, ensuring export orders, and ensuring the stability of the industrial chain and supply chain to help companies relieve their difficulties. The government, industries, and enterprises have formed a strong synergy. Against the background of slowing world economic growth, my country's imports and exports have quickly stabilized and continued to improve.
The latest data from the Ministry of Commerce shows that China's foreign trade imports and exports have achieved positive growth for six consecutive months since June. Zhang Deyong, a researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences, said that foreign trade is showing continued improvement and accelerated growth, and its share in the global trade market has further increased. This is not only a concrete manifestation of China's economic recovery, but also a vivid demonstration of China's sustained and stable development Portrayal.
"my country has the world's largest manufacturing system with the most complete categories and the most complete supporting facilities. It has significant advantages in terms of production capacity, supply capacity, or resilience. Although the impact of the epidemic has caused obvious external instability and uncertainty However, China’s economy is an ocean, not a small pond. These significant advantages have greatly enhanced China’s economy’s ability to resist risks and have strongly consolidated the status and role of China’s manufacturing in the global industrial chain and supply chain." Zhang Deyong Say.
From a horizontal comparison, my country's foreign trade has also performed well. According to WTO data, in the first half of this year, my country’s export growth rate was 7.8 percentage points higher than the global average, and its international market share increased by more than 1 percentage point compared with the same period last year, a record high for the same period in history. In the first 11 months of this year, my country’s export volume of goods trade was 16.13 trillion yuan, an increase of 3.7%, and the international market share further increased.
"The continued improvement of my country's foreign trade will help smooth the global supply chain, effectively promote globalization, free trade and global economic recovery, and effectively play the role of a global stabilizer." said Liu Xiangdong, deputy director of the Economic Research Department of the China International Economic Exchange Center.
Helping the global economic recovery
Since the beginning of this year, my country has used practical actions to contribute to the recovery and development of the world economy and the prosperity of world trade.
The pace of opening up is still accelerating. China has formally signed the Regional Comprehensive Economic Partnership Agreement (RCEP) with ten ASEAN countries, Japan, South Korea, Australia, New Zealand and other countries. The negative list of foreign investment access nationwide has been reduced from 40 to 33, and the number of pilot free trade zones has increased from 18. Up to 21, the overall plan for the construction of the Hainan Free Trade Port and the implementation plan for Shenzhen's further expansion of reform and opening up were released and implemented, and positive progress has been made in measures such as cultivating import trade to promote innovation demonstration zones and protecting intellectual property rights.
Import efforts continue to increase. Since January 1 this year, my country has reduced import tariffs on more than 850 commodities, and the overall level of tariffs has continued to decrease, which has promoted the continuous expansion of the scale of imports. Over the past year, the growth rate of China's imports of goods and services has been significantly higher than the global average. In the first 11 months, my country’s imports accounted for a 0.8% increase in the global share, which injected vitality into world economic and trade cooperation.
"China insists on expanding imports, has shown China's responsibility to countries around the world, and has injected Chinese dividends into the global economy." said Gao Feng, a spokesperson for the Ministry of Commerce.
In the context of the continuous spread of the epidemic around the world, my country insists on holding international events such as the China International Trade in Services Fair and the 3rd China International Import Expo, which has created convenience for traders from various countries to enter the Chinese market and tap Chinese opportunities. In the CIIE alone, more than 3,600 companies from more than 150 countries and regions around the world participated, and the accumulated intention of economic and trade cooperation reached 72.62 billion US dollars.
At the same time, my country has also taken concrete actions to deepen international cooperation in epidemic prevention and control, and do its best to export epidemic prevention materials to more than 200 countries and regions, and promote the construction of a human health community. "my country's production order is quickly restored to meet the home life and work needs of people from all countries during the epidemic, and to promote the stable operation of the international industrial chain and supply chain." said Li Xingqian, Director of the Department of Foreign Trade of the Ministry of Commerce.
"Although the impact of the epidemic is still fermenting and global economic and trade activities have not yet returned to normal, as China's economy continues to recover steadily, the economic and trade exchanges between China and other countries in the world have become closer." Zhang Deyong said that my country came from ASEAN and the EU in the first 11 months. The import scale of the top five trading partners, including the United States, Japan and South Korea, has increased to varying degrees, and the mutually beneficial and win-win relationship has been further strengthened. China's economy is “outstanding”, on the one hand, it has supported a substantial increase in the scale of imports, on the other hand, it has also provided useful assistance to trading partners in hedging the impact of the epidemic, further highlighting that the Chinese economy is a powerful engine for world economic stability and growth.
Stimulate more development potential
From the overall perspective, the current development of foreign trade still faces many uncertain and unstable factors. Recently, international market demand has shown signs of positive recovery. International institutions such as the WTO and OECD have all raised their forecasts for global trade and economic growth, but there is still a process from rebound to recovery. "The inadequate prevention and control of individual countries has put pressure on the global epidemic prevention and control, and the resulting protectionism has risen, affecting the liberalization of global trade, leading to a slowdown in the recovery of international trade." Liu Xiangdong said.
Facing the complex and severe external situation, it is necessary to put the innovation and development of foreign trade in a more important position, and to respond to risks and challenges more actively and effectively through innovation. It is necessary to use modern information technology to intensify the development of the international market, give full play to the role of free trade pilot zones and free trade ports in system innovation, add impetus to model and business innovation, promote the development of new business formats such as cross-border e-commerce, and vigorously develop digital trade.
The promotion of stability and quality of foreign trade must be closely linked to the new development pattern of domestic and international double cycles as the main body. Zhang Deyong said that by accelerating the construction of a new development pattern, China's market potential will be fully stimulated, and strengthening the domestic market can create more demand for countries around the world. At the same time, to realize the mutual promotion of domestic and international double cycles, closely integrate the world market with Chinese manufacturing, participate more actively in the international division of labor, and more effectively integrate into the global industrial chain and supply chain. The world economy will benefit more from China's economic development.
"For the world, cooperation in the fight against the epidemic is imperative, and the world must find a reasonable way to seek opportunities in crisis." Liu Xiangdong said that under the epidemic, all countries are a community of shared destiny, and unity and cooperation is an inevitable choice to meet challenges. We must adhere to the concept of win-win cooperation and promote the development of economic globalization in a more open, inclusive, inclusive, and win-win direction.
Of course, on the whole, my country's foreign trade has sufficient resilience and great potential, and the long-term positive development trend has not changed. China is still the world's most potential market. It is estimated that the cumulative import value of goods in the next 10 years is expected to exceed 22 trillion US dollars. The vast domestic demand market will continue to be stimulated by a steady stream of development potential.
