China’s imports and exports are expected to experience steady expansion and improved quality this year, supported by a series of favorable conditions, according to a report from the Ministry of Commerce (MOC).
According to China’s Foreign Trade Report, the country’s steady economic recovery, growing advantage in foreign trade, and flourishing new forms of trade will strongly support its imports and exports.
China’s main economic indicators have steadily recovered and the fundamentals of its long-term economic development remain unchanged, the report said, citing steady growth in gross domestic product, industrial production, retail sales and investment in China. fixed assets, among others.
The country has also accelerated innovations in foreign trade, seeing progress in building platforms, cultivating market entities, integrating business models and optimizing the business environment, according to the report. .
New forms of commerce have seen continuous development. In 2020, 46 new integrated pilot zones for cross-border e-commerce were set up, and market buy commerce trials increased from 17 to 31. More than 1,800 overseas warehouses have become a new one. type of foreign trade infrastructure to support cross-border trade. e-commerce and develop the international market.
Since last year, the Chinese government has introduced a series of policies aimed at stabilizing foreign trade, covering areas such as export tax reimbursement, export credit insurance, processing trade and export products for domestic sales. At the local level, steps have been taken to help businesses overcome challenges related to the COVID-19 pandemic.
The report also highlighted the increased resilience of foreign trade companies facing challenges, noting that companies have accelerated digital transformation with the support of big data, B2B platforms and online exhibitions. They also continued to invest more in research and development and improved their brand image, service and quality control.
China’s foreign trade growth still faces a complex and serious situation as the pandemic spreads across the world, the Commerce Ministry said. The ministry will pay special attention to the difficulties and challenges faced by foreign trade enterprises, such as commodity prices, exchange rate fluctuations and sea freight, and succeed in solving related issues.