China’s foreign trade structure optimization

China's foreign trade structure optimization

A few days ago, at the press conference of the General Administration of Customs of China, Li Kuiwen pointed out that the main reasons for China’s stable foreign trade are: First, the Chinese economy has maintained a generally steady, durable and stable development trend, and many economic indicators have generally been stable. The increase in China’s import demand. Second, the international market layout is more optimized. Customs statistics show that in the first three quarters while maintaining reasonable growth with traditional trading partners, China and the countries along the “Belt and Road” have maintained rapid growth in import and export trade with Africa and Latin America. Third, the effects of a series of measures to stabilize foreign trade growth have gradually emerged. Fourth, the growth of international trade is mainly driven by the increase in quantity, and there are also price factors.

It is worth noting that the press conference and the data released by the General Administration of Customs have attracted the attention of the US media. Some American press also analyzed the reasons why China’s exports to the United States reached a record high and the trade surplus with the United States also reached a record high.

Bloomberg said that China’s record export growth in September was mainly because Chinese companies expected the US to impose tariffs on Chinese products, and they tried to catch up on the US’s large-scale duty of another US$200 billion on Chinese products. Selling products. And with US President Trump order to raise the tax rate to 25% from next year, the motive for selling may continue to increase.

Another US media reported that China’s exports benefited from the continued depreciation of the RMB, as well as the upcoming factors such as Christmas and Halloween, which eased the rise in Chinese commodity prices caused by punitive tariffs in the United States. Julian Evans-Prichard, a Chinese economist at Kaitou International Macroeconomics Consulting, said: “The overall situation is that China’s exports have performed well so far in the face of escalating trade tensions and global growth. This is likely to be attributed to the depreciation of the RMB leading to increased competitiveness.”

China’s industrial technology upgrades have changed the trade pattern. According to the Financial Times, Chinese companies have turned to more complex products and improved trade between China and developed countries. In the past decade, the proportion of telecommunications and transportation equipment and auto parts in China’s exports to the United States has increased, while the percentage of textiles and footwear has shrunk.

According to a Wharton website of the University of Pennsylvania, the data shows that there are 620 million mobile Internet users in China – this will give birth to the world’s largest information consumption boom. China’s exports have risen rapidly with a compound annual growth rate of 17% over the past 30 years, making China the world’s largest exporter.

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