Institutional openness promotes “improvement of quality and efficiency” of China’s foreign trade

Institutional openness promotes "improvement of quality and efficiency" of China's foreign trade

According to data recently released by the Ministry of Commerce, from January to September this year, China’s total foreign trade imports and exports reached 28.33 trillion yuan, with exports and imports of 15.55 trillion yuan and 12.78 trillion yuan, both hitting historical highs over the same period. At the same time, the growth rate of imports and exports has also reached the highest level in 10 years. The reason why China’s foreign trade has shown strong resilience and achieved rapid growth is inseparable from the scientific coordination of epidemic prevention and control, economic and social development, and the in-depth promotion of institutional opening. A series of reform measures have effectively driven the rapid growth of foreign trade.

In addition to new highs in scale and growth, China’s foreign trade has shown the characteristics of “improving quality and efficiency”, and the effect of the transformation and upgrading of the trade structure is obvious. In the product structure, high-tech and high-value-added products have strongly driven export growth, especially electromechanical products, medical supplies, chemicals, integrated circuits, etc., which have a stronger role in stimulating exports than before the epidemic; China’s imports of these types of goods It is also increasing, which has played a positive role in optimizing domestic product structure and promoting industrial transformation and upgrading. This shows that China is playing an increasingly important role in the process of upgrading the global value chain. In the regional structure, China maintains close trade relations with other countries, actively participates in the commodity supply process of emerging market countries, and gradually strengthens trade ties with ASEAN, Latin America, and Africa.

Compared with previous years, the performance of imports and exports in each month of 2021 is very outstanding. An important reason is that after the outbreak, China has actively promoted the “resumption of work and production” and the “six stability and six guarantees” to stabilize the domestic demand and supply environment. In response to the impact of the epidemic, all countries are seeking a loose policy environment to stimulate the economy. Developed countries have launched large-scale fiscal spending plans and obtained financing support through central bank holdings of treasury bonds and tax reforms, which not only stimulated global demand, but also planted the seeds of inflation. , Driving the recovery of external demand and rising prices of traded goods.

In addition, the quality and efficiency of institutional opening is increasing. By promoting the matching reform of domestic and international rules, promoting trade liberalization and facilitation, and institutional innovation in pilot free trade zones, China has steadily supplied necessities to countries around the world. At the same time, in the new development pattern, the “dual cycle” has also opened up China’s market channels from the inside to the outside, and through the expansion of imports, it has actively stimulated the exports of countries around the world, which has provided a good guarantee for its economic growth and employment. At the same time, various domestic institutional reforms, corporate relief measures, stabilizing expectations, and stabilizing economic measures have strongly spurred economic growth and import growth this year.

It is worth noting that the relevant data from January to September showed that the global economic recovery that the market had previously worried about might lead to a decline in China’s export share did not occur. On the contrary, the global economic recovery drove China’s exports to new highs for two reasons: First, the effect of external demand growth offsets the transfer effect. Second, the resilience of foreign supply chains is poor. In particular, most countries do not have a relatively complete industrial chain like China. Their supply chains require large-scale cross-border cooperation. However, epidemic prevention and control in various countries Asynchrony damages the integrity of the supply chain.

It should also be noted that there are still many unstable and uncertain factors facing the development of China’s foreign trade. The fluctuating epidemic, poor shipping and logistics, rising raw material prices, and tight supply of some intermediate products, are still facing greater pressure on the operation and development of foreign trade entities. Relevant departments should promptly promote the introduction of targeted policies and measures, do a good job in cross-cycle adjustments, relieve difficulties for enterprises, stabilize reasonable expectations, and maintain foreign trade operations within a reasonable range.