Young people pose for photos at the site of the first National Congress of the Communist Party of China in Shanghai, east China, May 4, 2021. (Xinhua/Liu Ying)
British think tank Oxford Economics expects China's exports and imports to remain robust in the coming months.
China's official data showed earlier in the day the country's total imports and exports of goods surged 28.5 percent year-on-year to 11.62 trillion yuan in the first four months of 2021.
LONDON, May 7 (Xinhua) -- China's exports and imports are both expected to see robust momentum in the coming months amid strong global and domestic economic recovery, British think tank Oxford Economics said in a report released Friday.
"We expect export momentum to remain robust in the coming months," said the report, adding that a strong global economic recovery would underpin China's exports through 2021, despite the likely retreat of pandemic-related demand later this year.
Apart from exports, the British think tank also said that "we think import momentum should pick up in the coming months due to the ongoing domestic recovery."
A breeder feeds a killer whale during a performance at Haichang Ocean Park in east China's Shanghai, May 1, 2021. (Xinhua/Fang Zhe)
"We expect robust sequential economic growth will resume after temporary weakness in Q1 (the first quarter) and are optimistic about exports and manufacturing investment," said the think tank, noting that consumption should "gain pace again as consumers become more comfortable with public health conditions and their economic situation."
The report came as China's official data showed earlier in the day that the country's total imports and exports of goods surged 28.5 percent year on year to 11.62 trillion yuan (about 1.8 trillion U.S. dollars) in the first four months of 2021.
This marks a surge of 21.8 percent from the pre-epidemic level in 2019, China's General Administration of Customs (GAC) said.
Exports jumped 33.8 percent from a year earlier while imports climbed 22.7 percent in yuan terms, the official data revealed.
Meanwhile, China's booming domestic tourism also fueled the consumption as the country has effectively contained the COVID-19 pandemic and the vaccination rate is increasing steadily.
During the latest five-day May Day holiday, which ended on Wednesday, China recorded a total of 230 million domestic tourist trips during the holiday, up 119.7 percent from last year, according to China's Ministry of Culture and Tourism.
Aerial photo taken on May 4, 2021 shows Hainan International Convention and Exhibition Center at night in Haikou, capital of south China's Hainan Province. (Xinhua/Yang Guanyu)
Tommy Wu, a lead economist of Oxford Economics, told Xinhua that "domestic travel will likely recover to close to pre-pandemic levels during the Labor Day (May Day) holiday, which is definitely encouraging."
"That said, should we see a strong positive outturn on consumer spending during the Labor Day (May Day) holiday, it will be a very encouraging sign that household consumption recovery is probably back on track again," Wu added.
China's appealing market has offered huge opportunities to the world manufacturers and investors, as the world's second-largest economy pledged to further open its market and bolster the global economy.
"China's recovery from the pandemic gives hope to the world, Hainan's International Consumer Products Expo is a practical step to bring such hope to other countries," said Xiong Yu, a professor at Britain-based Surrey Business School in the University of Surrey.
The China International Consumer Products Expo, to be held from May 7 to 10 in China's island province of Hainan, is expected to be a new window for the country's high-level opening-up drive.
A visitor tries perfume in the Fashion Life Exhibition Hall of the first China International Consumer Products Expo in Haikou, capital of south China's Hainan Province, May 7, 2021. (Xinhua/Jin Liwang)
A single purchase
