Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

My Favorite China's Brands
Economy

Commentary: China's foreign trade growth boosts hope for world economy

July 15, 2020


Abstract : The latest customs data shows that China's foreign trade has gained steady recovery from the COVID-19 pandemic as the imports and exports both rose remarkably year on year in June.

BEIJING, July 14 (Xinhua) -- The latest customs data shows that China's foreign trade has gained steady recovery from the COVID-19 pandemic as the imports and exports both rose remarkably year on year in June.

China's foreign trade has surprised the world and boosted hope for global recovery.

Statistics show that China's imports and exports in June rose by 6.2 percent and 4.3 percent year on year respectively, beating forecast and injecting confidence into the world market.

In the first half of the year, China's foreign trade volume totaled 14.24 trillion yuan (about 2.03 trillion U.S. dollars), down by 3.2 percent from a year ago. However, the range of decline has narrowed by 1.7 percentage points compared with the figure for the first five months this year, thanks to the effective control of the coronavirus disease and government policies to resume production.

The key indicators of China's foreign trade have delivered an optimistic signal to the world that China has gained notable resumption of work and life, and this helps to stabilize the global supply chain as China is a manufacturing giant.

The growth of China's foreign trade is healthy and sustainable, making a great contribution to the world economy.

Firstly, the government has stuck to reform and opening-up, adopting a series of policies to boost imports and exports, including further implementing export tax rebate policy, extending credit scale for foreign trade companies and setting up more comprehensive pilot zones for cross-border E-commerce. These measures have helped enterprises tide over difficulties and will surely have a long-term positive impact on foreign trade in the future.

Secondly, China's industries have largely resumed production, driving up market demand and strongly supporting the growth of imports. In the first half of this year, imports of commodities such as crude oil, coal, iron ore and copper ore increased by 9.9 percent, 12.7 percent, 9.6 percent and 3 percent, respectively.

Thirdly, in the second quarter of this year, most of China's imports and exports with its major trading partners rose, forming a healthy foreign trade structure. The Association of Southeast Asian Nations (ASEAN) remained China's largest trading partner with trade volume up 5.6 percent year on year to 2.09 trillion yuan, accounting for 14.7 percent of China's total foreign trade.

Last but not least, exports of epidemic prevention supplies provide strong backing for the global efforts battling the COVID-19 pandemic. The exports of such products grew rapidly with sales of medicines and pharmaceutical products, and medical equipment expanded by 23.6 percent and 46.4 percent, respectively.

Facing all the difficulties and turbulence of the world economy, China's dedication to implementing further opening-up will keep boosting its foreign trade in the future.

In 2020, China's Foreign Investment Law was put into place. The country shortened again the negative list for foreign investment. All the reform policies will help China and the world accelerate recovery amid the gloomy global economy. Enditem

Scan the QR code and push it to your mobile phone

Keyword: foreign trade global economy

Reading:

Chinese enterprise wins bid of Qatar Oasis Hotel's decoration project

Hainan accelerates construction of industrial development projects to build the free trade port

China's smart logistics company BEST Inc. speeds up network construction in Southeast Asia

Economic Watch: China announces zero-tolerance on financial crimes

China's trade with top partner ASEAN up 5.6 pct in H1

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial