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Stable Growth of Foreign Trade Reflects China's Strong Economic Resilience
 

Continuing the steady growth momentum, China's foreign trade of goods exceeded 20 trillion yuan (about 2.8 trillion U.S. dollars) from January to August, up 3.6 percent year on year, according to the latest figures by China's General Administration of Customs.

This is part of the extraordinary performance of the Chinese economy, manifesting its strong resilience to navigate the currents of rising trade protectionism and unilateralism.

However, it cannot be achieved without China's broad circle of trade partners across the world. As the idiom goes, the more the merrier, so China always keeps its door open and welcomes more friends who are willing to do business with it.

The ever-increasing amount of business orders is the best proof of the high quality of Chinese commodities and the good credibility of Chinese companies recognized by their global partners.

In the first eight months, the bilateral trade volume between China and the European Union (EU) rose 9.7 percent from a year earlier to 3.15 trillion yuan, as EU continued to be China's largest trading partner. Trade between the ASEAN countries and China increased 11.7 percent year on year to 2.74 trillion yuan.

As the Belt and Road Initiative moves forward, the circle of China's trade partners is becoming larger and more diverse, which means more opportunities and benefits for all participants. According to the customs data, China's trade with the Belt and Road countries totaled 5.83 trillion yuan for the January-August period, up 9.9 percent year on year.

In addition to the stable growth rate, China also saw an optimized trade mix and various new forms of foreign trade that are fast-evolving.

From January to August, general trade accounted for 59.8 percent of the total foreign trade. While the share of traditional processing trade declined, China's exports in higher value-added industries such as solar battery and metal-working machine tools gained stronger momentum. Bonded imports and exports increased 9.9 percent year on year to 2.31 trillion yuan, with various new forms of trade booming.

The stable growth is underpinned by China's efforts to improve commercial environment and unleash the potential of private companies through tax cuts and fee reductions.

Private businesses reported notable growth in the first eight months, with the trade volume increasing 11.2 percent to 8.49 trillion yuan. The amount accounted for 42.2 percent of the total trade volume in the period, up 2.9 percentage points year on year.

While challenges are looming up ahead, the long-term trend of China's foreign trade and overall economy is promising, which will not be interrupted as long as Chinese people can maintain their composure and diligence.


(www.chinaview.cn 2019-09-16)
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