Strengthened Accessibility To Drive ForeignTrade Development
The recent forecast conducted by the International Monetary Fund and the World Trade
Organization shows that there could be a downturn in the global economy and trade this year.
Frail international market demand is likely to pose a challenge to China’s foreign trade. To
ensure a frequent flow of imports and exports as a vital support of economic growth, the value of
the constant increase in both the volume and quality of imports-exports has been highlighted in
this year’s Government Work Report along with the fundamental equilibrium in the balance of
payments.
The utilized foreign venture, which increased gradually last year, played a vital role in
witnessing the beyond-expectations volume of trade in goods. China’s official data indicated that
China-United States trade volume added up to $759.31 billion (up 0.58 percent) in 2022,
combining $581.61 billion of exports to the United States (up 1.1 percent) and $177.70 billion of
imports from the US(down 1.1 percent).
Both the total value of China-US trade and China’s exports to the US touched high records.
As per the US data, US trade with China was valued at $690.59 billion (up 5.2 percent), with
$153.84 billion of US exports to China (up 1.6 percent) and $536.75 billion of US imports from
China (up 6.3 percent). All these data broke records and indicated that the Sino-US economic
and trade relations are extremely complementary and tough.
These figures are also a clear confirmation of the tremendous potential and complementarity of
the bilateral economic and trade relations between China and the US and indicate that bilateral
economic and trade cooperation's commonly beneficial and win-win nature should be delivered
with full importance.
The quality and formation of China’s trade with major economies are vital for its development.
But simultaneously proceeding to upgrade the level of its trade collaboration with major
economies, including the US, the European Union, Japan, and the Republic of Korea, China will
initiate great endeavors to investigate emerging markets and boost its trade with Latin American
nations and also the nations engaged in the Belt and Road initiative. Additionally, China is likely
to keep developing new global trade instruments and update business forms and patterns to
revive the quality and efficiency of its international trade to keep up strong momentum for
sustained improvement.
China’s international trade has demonstrated exceptional resilience, which empowers it to update
and incorporate rapidly amid external factors and internal adjustments while keeping up with
stability and sustainability. The reasons behind this resilience are complicated - China’s
long-term economic perspective, which is the foundation on which foreign trade is fabricated,
remains positive, and its foreign trade advantages from the nation’s solid industrial foundation,
the benefits of its massive market, its diversified trade associates, exploring new trade forms,
extreme trade subjects, and effective policy support.
For example, how industry upholds the nation’s foreign trade development: China has 41
industrial divisions, 207 industrial groups, and 666 industrial classes, making it the only nation
present in all industrial sectors mentioned in the International Standard Industrial Classification
of All Economic Activities of the United Nations. In 2022, the total value added of the industrial
sector in China surpassed 40 trillion yuan ($5.8 trillion). Remarkably, the value added of the
manufacturing industry made up 27.7 percent of GDP, and the manufacturing scale in China has
positioned first globally for 13 consecutive years. The sound and rapid growth of the
manufacturing industry will aid China’s transformation from the “world’s factory” to “the
world’s market” and push momentum into international trade.
Looking forward, China will initiate intricate initiatives to encourage increased accessibility and
bring constant growth of foreign trade. The central government will look to deliver a beneficial
environment for foreign trade by propelling endeavors to join high-standard economic and trade
agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
and the Digital Economy Partnership Agreement, as well as by developing the reforms of
domestic trade progression and assistance in alignment with suitable rules, regulations,
management, and standards. It will endeavor to diversify its foreign trade markets by extending
the high-standard free trade agreement network open to the whole world, proactively creating
global collaborations and producing equivalent and commonly beneficial cooperation with
nations around the globe.
The central government will likely keep sticking to the basic State policy of opening up and
seeking an open strategy of mutual benefit and win-win cooperation to make a more prominent
commitment to the development of international trade.
Originally Posted: https://www.emeriobanque.com