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China Vows to Tackle Trade Challenges with Innovation, Openness
China believes it can maintain strong foreign trade fundamentals despite the global economic uncertainties.
The country’s Commerce Minister, Wang Wentao said he sees exports growing in value and more opportunities in the import market.
Speaking during the annual session of the National People’s Congress, the country’s top legislature, Wang said this is despite global economic challenges and uncertainties.
“Many companies are venturing abroad to take part in trade shows and expand their market presence,” he said.
According to China Daily, Wang noted that positive signs have emerged as China’s foreign trade maintained its growth in the first two months of the year.
He observed that the development of foreign trade is supported by a strengthened industrial base, abundant resources and more innovation, enabling more exports of higher value-added goods.
The commerce minister added that China’s approach to further opening its markets has also presented more import opportunities.
“But factors such as sluggish global economic growth, increasing trade protectionism and rising geopolitical tensions have contributed to the severity of the foreign trade situation,” he said.
The World Trade Organisation has forecast growth of 3.3 per cent in global merchandise trade this year, compared with a historical average of 4.9 per cent.
Wang said that strengthened financial services for foreign trade, continued promotion of trade fairs and streamlined visa processing for businesspeople are among policies that are part of the country’s efforts to tackle the difficulties and uncertainties in foreign trade.
In the medium and long term, he said, the key focus for China is to nurture new drivers for foreign trade and propel high-quality development in the sector, including expanding the volume of intermediate goods trade, facilitating cross-border e-commerce exports, enhancing trade digitisation and advancing green development.
CITIC Securities forecast in a report in January that China’s export situation will reverse this year, with growth of about 2 per cent.
Diversifying export markets is key to reducing dependence on any single market and mitigating the effects of sluggish external demand.
Liu Xiangdong, a researcher at the China Centre for International Economic Exchanges in Beijing, said using e-commerce platforms can help Chinese businesses adapt to changing market dynamics and expand their global reach.
In addition to foreign trade, China will adopt more forceful and well-focused measures to boost consumption, a key growth driver that contributed 82.5 per per cent to the country’s GDP growth last year, Wang said.
He stated that consumption stimulus initiatives in China this year will place high premiums on promoting trade in consumer goods and boosting services consumption.
According to Minister Wang, China’s automotive, household appliances and decoration and furnishings industries have significant potential for replacement demand.
On average, about 270 million household appliances exceed their recommended safe use period each year, he said.
There is still immense potential for China’s services consumption to grow because this sector has grown rapidly over the past 10 years, Wang said, noting the proportion of per capita spending on services rose from 39.7 per cent in 2013 to 45.2 per cent last year.
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