The total import and export value of China’s foreign trade in the first seven months was 17.41 trillion RMB

The total import and export value of China's foreign trade in the first seven months was 17.41 trillion RMB

The General Administration of Customs released the import and export of China’s foreign trade in the first seven months of this year. In the first seven months, China’s foreign trade import and export value totaled 17.41 trillion RMB, a year-on-year increase of 4.2%, of which exports were 9.48 trillion RMB, up 6.7%; imports were 7.93 trillion RMB, up 1.3%. Foreign trade imports and exports continued to grow steadily. In the first seven months, the EU, ASEAN, and the United States remain the top three trading partners of China. Among them, the import and export with the EU was 2.72 trillion RMB, up 10.8%; the import and export with ASEAN was 2.35 trillion RMB, up 11.3%; and the import and export with the United States was 2.1 trillion RMB, down 8.1%.

The data shows that in the first seven months, China’s foreign trade continued to maintain a stable and qualitative development momentum, and endogenous power and vitality continued to increase. Among them, two figures attract people’s attention. First, China’s foreign trade import and export along the “Belt and Road” countries is 5.03 trillion RMB, an increase of 10.2%; second, private enterprises have become the main force driving China’s foreign trade, with an import and export of 7.31 trillion RMB. It grew by 11.8% year-on-year, ranking first among all types of companies.

Since the beginning of this year, China has continuously optimized its foreign trade structure and business environment, and enterprises have tapped into diversified markets. To maintain steady growth in foreign trade, China has the confidence! The bottom gas comes mainly from several aspects:

–The state continues to optimize the business environment

Since last year, China has successively introduced a series of policies and measures such as tax reduction and fee reduction, optimizing the business environment at the port, and facilitating customs clearance, and the level of trade facilitation has been significantly improved. In 2018, the World Bank raised the ranking of China’s business environment by 32 at a time; the cross-border trade ranking jumped from 97 to 65, and it also increased by 32. This year, China implemented a larger tax reduction policy based on last year’s tax reduction and fee reduction. The manufacturing value-added tax rate was reduced by 3 percentage points, and the tax rates of transportation, construction and other industries were reduced by 1 percentage point. The General Administration of Customs took the lead in continuing to promote the reform of port supervision operations. The number of regulatory documents for import and export has been reduced from 86 to 46, and the customs clearance time has been compressed by more than half. The “single window” of international trade has realized system docking and information sharing with 25 ministries and commissions, covering all ports in the country. Before the end of the year, the main business application rate of “single window” of international trade will reach 100%. The accelerated introduction and landing of a series of more stable foreign trade policies and measures introduced by the state have enabled enterprises to enjoy relevant conveniences and benefits earlier and better, which will help reduce corporate pressure, enhance corporate response capabilities, and boost business confidence. It has played a direct role in stabilizing foreign trade.

  • More diversified trading partners

While maintaining a good growth in trade volume with most of the traditional trade partners, China’s foreign trade enterprises actively expand economic and trade exchanges with other countries and regions. In the first seven months of this year, China and ASEAN, Africa, Central Asia, Latin America and other emerging markets experienced significant growth in foreign trade. Among them, China’s foreign trade import and export along the “Belt and Road” countries totaled 5.03 trillion RMB, a year-on-year increase of 10.2%, higher than the same period of foreign trade. The growth rate is 6 percentage points. Among them, China and Saudi Arabia, Poland, Uzbekistan and other countries along the “Belt and Road” import and export growth rate of 36.8%, 21.9% and 27.7%.

Yan Min, director of the forecasting department of the National Information Center, said that China has trade with 232 countries and regions. Since this year, China has not only increased its market share with major economies such as the European Union, but more prominently, the growth rate of foreign trade with emerging markets. Obviously, especially the potential of trade cooperation between China and the countries along the “Belt and Road” continues to be released, opening up new markets and creating new demands. This diversified development has become a new driving force for China’s foreign trade, and China has large space to maintain stable foreign trade growth.

Li Kuiwen, director of the Department of Statistics and Analysis of the General Administration of Customs, said that in the context of the global trade environment, the number of Chinese foreign trade enterprises has not decreased, but has been growing. In the first half of the year, China’s import and export enterprises reached 330,000. Growth of 6.6%.

–Continuous optimization of commodity structure

In the first seven months, China’s exports of mechanical and electrical products reached 5.5 trillion RMB, an increase of 6.1%, accounting for 58% of China’s total foreign trade exports. Among them, the export of electromechanical products and equipment manufacturing products with high added value maintained a good growth trend, such as the growth of tablet computer exports by 16.3% and the export of metal processing machine tools by 21.3%. In terms of imports, imports of consumer products of Minsheng increased rapidly, with imports of water and sea products increasing by 39%, imports of cosmetics and skin care products increasing by 45.2%, and imports of fresh and dried fruits and nuts by 42%.

–Chinese enterprises continue to tap the potential, improve their own innovation ability, and use the product quality to expand the market and win the market.

Among the electric bicycles imported by the 28 member states of the European Union last year, the proportion from China accounted for 78%, reaching 932,000. In the field of major consumer electronics such as mobile phones, computers, color TVs, and audio, China’s industrial support, technology applications and industrial service capabilities are leading the world. Relying on product quality and technical support, as well as a good business environment, more private enterprises will continue to innovate, improve product technology content, increase product added value, and let traditional export products have new growth points in automobiles, machinery and equipment. In the fields of electronic products and other fields. The international competitiveness of China’s export products has been significantly enhanced.

At the same time, in the first seven months of this year, the import and export of private enterprises in China was 7.31 trillion RMB, an increase of 11.8%, ranking first among all types of enterprises. The endogenous power of foreign trade has been continuously enhanced. Private enterprises continue to exert their strength in the foreign trade field and gradually become the main force in China’s foreign trade growth.

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