China’s import and export data show three major breakthroughs

China's import and export data show three major breakthroughs

On January 14, Beijing time, the General Administration of Customs of China released 2019 import and export data of China’s goods trade. Data show that the total value of China’s imports and exports in 2019 is 31.54 trillion RMB (1 RMB is about 0.14 US dollars), an increase of 3.4% year-on-year. Among them, the export value was 17.23 trillion RMB, an increase of 5% year-on-year; the import value was 14.31 trillion RMB, an increase of 1.6% year-on-year; the trade surplus was 2.92 trillion RMB, a significant increase of 25.4% year-on-year.

According to Zou Zhiwu, deputy director of the General Administration of Customs of China, according to World Trade Organization (WTO) data for the first ten months of 2019, China’s exports have performed the best among the top ten trading nations in the world, so China is expected to continue to maintain its global status in 2019. Location of the largest country in trade in goods.

2019 is the second year that the US government has substantially imposed tariffs on Chinese exports to the United States. Although the Sino-US trade war has had a great negative impact on the trade in goods between China and the United States, the overall impact on China’s import and export trade is not entirely negative. In the face of US “tariff sanctions”, China, which has been deeply integrated into the global industrial chain, has made breakthroughs in other regions and areas.

First, China’s trade relations with other economies in the world are getting closer, and trading partners are blooming everywhere to become a new driving force for China’s continuous growth in imports and exports. ASEAN surpasses the United States as China’s second largest trading partner in 2019. The total trade value between China and ASEAN was 4.43 trillion RMB, a year-on-year increase of 14.1%; the total trade value between China and the United States was 3.73 trillion RMB, a year-on-year decrease of 10.7%. There are certain export factors, but it also shows that China’s position in the global industrial chain can hardly be shaken.

In addition, the import and export volume of China and the countries along the “Belt and Road” and emerging economic markets such as Africa and Latin America increased by 10.8%, 6.8%, and 8%, respectively. The expansion of trading partners provides greater growth potential for China’s import and export trade, and also provides China with ample confidence to win the Sino-US trade war.

Second, for the first time, Chinese private enterprises surpassed foreign-invested enterprises and became China’s largest foreign trade entity. In 2019, the import and export volume of private enterprises was 13.48 trillion RMB, an increase of 11.4% year-on-year, accounting for 42.7% of the total value of China’s goods trade, an increase of 3.1 percentage points from 2018, exceeding the import and export volume of foreign-invested enterprises (12.57 trillion RMB) . In addition, there were 406,000 private enterprises with import and export performance in 2019, an increase of 8.7% over 2018.

Private enterprises are China’s most dynamic economic entities. PwC’s research finds that Chinese private enterprises are more active in outbound investment and pay more attention to overseas markets. Since the outbreak of the Sino-US trade war, private enterprises have been greatly affected, so they are very active in finding a solution to the crisis. Private enterprises have been acting as “pioneers” for trade exchanges between China and other economies.

Zou Zhiwu, deputy director of the General Administration of Customs of China, said that in 2019, Chinese private enterprises ‘exports to various major markets showed a growth trend. While maintaining the advantages of traditional markets, private enterprises’ exports to emerging markets such as ASEAN, Latin America and Africa increased by 25.6% respectively. , 11.4%, 15.6%, these data are higher than the national export growth rate of the three markets.

Third, the Sino-US trade war has not disrupted the pace of China’s industrial upgrading. Mechanical and electrical products are still the main force of China’s export products, and the export growth rate of high value-added products continues to increase. In 2019, China’s exports of mechanical and electrical products reached 10.06 trillion RMB, an increase of 4.4% year-on-year, and accounted for 58.4% of the total value of goods exports. In addition, China’s IC exports increased 25.3% year-on-year, semiconductor device exports increased 26.3% year-on-year, solar cell exports increased 47.5% year-on-year, metal processing machine tool exports increased nearly 15% year-on-year, and exports of high value-added products in mechanical and electrical products The growth rate has increased significantly.

Today, China ‘s per capita gross domestic product (GDP) has exceeded the US $ 10,000 mark, and the Chinese economy is in a critical period to crack the “middle income trap”. Industrial upgrading is the only way for China’s economic development, and it is also an inevitable choice in line with the well-being of the Chinese people. Even though the United States forced China to abandon industrial development plans such as “Made in China 2025” through a trade war, China did not compromise on industrial upgrading. Trade data proves that China’s persistence is necessary, and the upgrading and development of the manufacturing industry has provided China with strong resilience.

Leave a comment

Your email address will not be published. Required fields are marked *