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China's Foreign Trade Supports Global Economic Recovery

Views:0     Author:Site Editor     Publish Time: 2021-01-19      Origin:Site

                   China's Foreign Trade Supports Global Economic RecoveryThe total value of imports and exports was 32.16 trillion yuan, a positive increase of 1.9% throughout the year; the trade surplus was 3.7 trillion yuan, an increase of 27.4%. This is a dazzling transcript of China's foreign trade in 2020, which is "not easy". "The essence of trade is the fundamental reflection of production and consumption. China is becoming the cornerstone of the global economy with its production advantages and huge market advantages, and it has also become an important driving force and support for the recovery of the world economy." China Council for the Promotion of International Trade Committee of Experts, Central University of Finance and Economics International Zhang Xiaotao, dean of the School of Economics and Trade, said in an interview with a reporter from China Trade News. The Chinese market boosts the global economy According to the data released by the General Administration of Customs a few days ago, in the first 10 months of 2020, my country's imports and exports, exports, and imports accounted for 12.8%, 14.2%, and 11.5% of the international market, respectively, setting record highs. Zhang Xiaotao believes that from the supply side, China has all the industrial sectors, the supply chain is resilient, the connectivity is extensive, and the internal and external markets, especially the local market demand support, also have a price advantage. "As an important node in the global production network, China has obvious advantages. National capabilities are essential for epidemic prevention and control. As the few countries that can curb the spread of the epidemic, China's position in the international industrial chain has not been shaken, but has become more stable." From a global perspective, since last year, my country has achieved remarkable results in the construction of the “Belt and Road” and the establishment of free trade agreement mechanisms. China's trade exchanges with ASEAN and countries along the “Belt and Road” have become closer, and the potential for domestic investment has been further released, creating diversified and stable external demand. New foreign trade methods such as cross-border e-commerce have promoted the high-quality development of foreign trade. From the demand side, China's demand is stable and diverse. "The Chinese market is huge, with a market size of nearly 1.4 billion people and a fast-growing middle-income group of about 400 million people. The growth trend is steady. What is more important than the market size is China’s market demand structure. In the future, China’s consumption There are two driving forces for development, one is the continuous increase in consumption and consumption upgrade, and the other is the continuous evolution of consumer categories and consumption hotspots brought about by changes in the demographic structure." According to reports, in 2020, my country's foreign trade development momentum will further increase. New forms of foreign trade have developed vigorously. The annual cross-border e-commerce imports and exports amounted to 1.69 trillion yuan, an increase of 31.1%, and the export of market purchases increased by 25.2%. "Cross-border e-commerce relies on online non-contact transactions, which is less affected by the epidemic. At the same time, some offline transactions have also been transferred online due to the epidemic." Zhang Kuo, general manager of Alibaba International Station, believes that although the epidemic has blocked offline trade, it has accelerated the transformation of traditional foreign trade merchants to the new digital foreign trade track. The recent annual report released by Alibaba International Station shows that the actual transaction volume of the platform increased by 101% year-on-year in US dollars, and the number of orders doubled year-on-year. Last year, there were more than 100 countries and regions where the transaction volume of the platform increased by more than 100% year-on-year. Among them, the United States, the United Kingdom, and Australia have become the largest online export markets, and the ASEAN country Thailand has also entered the top ten markets. Zhang Xiaotao said that thanks to the reform dividends brought about by institutional opening, the development momentum released by the new pattern of opening up will be stronger in the future. "In the field of openness, my country will continue to promote the openness of commodities and factors, and pay more attention to institutional openings such as rules. A high-level opening will drive the comprehensive deepening of reforms." During the epidemic, China's anti-epidemic supplies, medical equipment, electronic products, etc. Exports have grown substantially. Statistics show that in 2020, my country's exports of mechanical and electrical products will reach 10.66 trillion yuan, an increase of 6%. Among them, the export of notebook computers, household appliances, medical instruments and equipment increased by 20.4%, 24.2%, and 41.5% respectively. "This shows that China has advantages in the manufacturing of capital-intensive and technology-intensive commodities. Over the past 40 years of reform and opening up, China's manufacturing industry has been continuously undergoing structural adjustments, transformation and upgrading. However, it must also be noted that the export of these commodities is a global division of production. As a result, some commodities exported by China are still produced in China by foreign-funded enterprises. Domestic-funded enterprises are still at the low end of the division of labor in the global value chain. Some key technologies of core components are still facing the phenomenon of stuck necks. Independent research and development and original innovation have a long way to go. "Zhang Xiaotao said. Sino-US trade growth tends to balance Sino-US economic and trade is still a topic that foreign trade cannot bypass in 2020. According to data from the General Administration of Customs, in 2020, the total value of Sino-US bilateral trade in goods reached 4.06 trillion yuan, an increase of 8.8%, accounting for 12.6% of my country's total import and export value during the same period. Among them, exports to the US were 3.13 trillion yuan, an increase of 8.4%, and imports from the US were 931.87 billion yuan, an increase of 10.1%. The increase in China's imports from the United States has contributed to a more balanced Sino-US trade. Data show that in 2020, China imported 162.74 billion yuan of agricultural products from the United States, an increase of 66.9%, of which imports of soybeans, pork, cotton, and crude oil increased by 56.3%, 223.8%, 121.7% and 88% respectively. "Last year, China and the United States reached the first phase of a trade agreement, one of which is very important is that China will purchase US$200 billion in US goods and services in the next two years. In 2020, the'rules' clauses of the agreement will be implemented. But it was hit by the sudden epidemic." Zhang Xiaotao told reporters that the chapter on "Food and Agricultural Products Trade" in the first phase of the trade agreement reached by China and the United States reflects the two sides' concerns in the agricultural sector. The implementation of the agreement will greatly increase China's imports of agricultural products from the United States, which is expected to return to the level before the trade friction. However, it is not unconditional to promote the implementation of the first phase of the Sino-US economic and trade agreement and increase China's imports of related products and services from the United States. "The implementation of the agreement must comply with three prerequisites, namely price, commercial considerations, and compliance with WTO non-discrimination principles. If measured from these three conditions, China’s current progress in importing from the United States is reasonable. The agreement also stipulates that it is natural Disasters, the two sides can negotiate. From the current point of view, the impact of the new crown pneumonia epidemic on the world will be lasting and far-reaching. Therefore, under the epidemic, the implementation of the agreement requires both parties to meet each other in order to maintain Sino-US economic and trade relations. Stable and work together." Zhang Xiaotao said.

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