While year-on-year foreign trade growth rate slows, the overall stable development of China's foreign trade sector is guaranteed and the country is expected to remain the world's largest trading nation in goods in 2023, Lü Daliang, a spokesperson with the General Administration of Customs (GAC), said on Thursday, the Global Times reports.
Lü said the authorities have noticed some concerns over China's foreign trade growth rate, but the authorities believe the overall development of the sector is stable, with a second-quarter reading and data in May and June all showing quarter-on-quarter or month-on-month growth.
China's import and export kept growing in the first half of the year, with the total volume hitting 20.1 trillion yuan ($2.8 trillion), marking a milestone breakthrough in the country's history, according to GAC data.
"The result is hard-won, as it's been achieved amid a complex and grave external environment and slowing global trade and investment, as well as a fall in consumption of anti-epidemic products and in-house economy products," Lü said.
Over the period, the country's total import and export volume increased by over 400 billion yuan, which is equivalent to the country's export of a total of over 3 million cars in 2022, according to Lü.
He said the quantity of the country's imports and exports is on the rise, which means that the basis of the country's foreign trade is more solid. "The import and export quantity both fell in the first quarter, but they both increased in the second quarter, up 5.9 percent and 2 percent, respectively," the official said.
The WTO forecasts that the global cargo trade growth rate will be 1.7 percent in 2023, slower than the average of 2.6 percent over the past 12 years. Slower trade is a global challenge faced by all economies, Lü said. "Compared with the data released by neighboring countries, China's foreign trade has shown relatively strong resilience and its competitive advantage has strengthened," he said, adding that China's exports accounted for a slightly larger global market share in the first four months.
China's foreign trade encounters pressure, ups and downs and challenges. However, the positive long-term fundamentals of the Chinese economy remain unchanged and the country's foreign trade sector is resilient and has flexible wiggle room thanks to a sound industrial system and comprehensive production capacity, Lü said.
In addition to continuous opening-up and international trade cooperation, China has rolled out a series of policies to stabilize foreign trade. The joint effect continues to emerge, serving as a solid support to the improvement of the country's foreign trade structure, he said, adding, "We have confidence in continuing to consolidate market shares and in maintaining the top spot in the global cargo trade."
As 2023 marks the 10th anniversary for China launching the pilot free trade zones (FTZs), the current 21 established ones have played an indispensable role in exploring new paths for the nation's comprehensively deepening reform and promoting the high-quality opening-up.
Located in Guangzhou, the capital of Guangdong Province, Nansha is a major base for the Guangdong Pilot Free Trade Zone. Amid the stringent unilateral restrictions imposed by the US and its allies on China for obtaining chip manufacturing equipment and raw materials, Nansha has become a significant hub for empowering China's innovation in the semiconductor industry.
Nansha is just a snapshot of how China's pilot free trade zones (FTZs) have been contributing to boost the nation's innovation, covering sectors from chips to the internet.
When visiting a local semiconductor enterprise, AccoPower, which produces silicon carbide (SiC) power devices, on July 2, the Global Times learned that the company's main products, including automotive-grade power modules and industrial-grade power modules, are widely used in multiple sectors including photovoltaic, wind energy, and energy storage and have also been exported to the Europe and adapted by multiple NEV models such as the Smart from Mercedes Benz.
In 2021, AccoPower established a subsidiary dedicated to 6-inch and 8-inch SiC chip production , which will offer core chips to the new-energy field while its series of products forming a whole industrial chain and ecology for the third-generation semiconductor industry, according to the company.
"Chinese enterprises have a relatively small gap in the third-generation semiconductor field, and we hope to catch up and even to reach the international leading level," Liu Cheng, an official from Nansha district's industry and information technology bureau in South China's Guangdong Province, told the Global Times.
Nansha has the most important industrial base for new-energy vehicles (NEVs) in Guangdong, which provides a good foundation for deepening the integration of NEVs with the third-generation semiconductor industry, according to Liu.
Liu added that Nansha is currently stepping up policy support for the third-generation semiconductors, while vigorously developing research and development for advanced semiconductor industry and clusters targeting the core components of NEVs and artificial intelligence (AI).
Nansha has already issued nine measures to stimulate the local development of semiconductor and integrated circuits. At present, Guangzhou has built an industrial park covering an area of about 1.97 square kilometers targeting the integrated circuit sector, basically covering the manufacturing from the upstream to the downstream application end while completing the initial formation of the ecology.
In addition to Nansha, the advancements of the smart logistics in the Xiamen area and the Internet of Things (IoT) industry in the Fuzhou area of the Fujian Pilot FTZ in East China are also representative examples, further benefiting the operation of local businesses.
The Xiamen International Trade Single Window, a major public service platform jointly launched by 11 government departments, has offered enterprises with a convenient one-stop window to handle multiple customs and port-related service at once.
The construction of the trade single window has adapted the various emerging technologies including the cloud-computing, AI, big data along with other technological support, Lin Hua, vice deputy manager of the operating unit for the trade single window, told the Global Times.
The customs clearance process of import and export goods at the Xiamen port has been greatly optimized thanks to the technological boost. The overall customs clearance time for imports was compressed by 78.16 percent in 2022 whereas the time for exports was shortened by 95.99 percent compared to 2017.
The single trade window has also set multiple new records nationwide as a pioneer model. For instance, the "single trade window and financial service" model enabled the corresponding blockchain application scenario for the first time in China.
Meanwhile, the Fuzhou area has been ramping up efforts in promoting the digital economy by adapting the IoT.
When visiting the Fuzhou IoT Open Lab on Thursday, the Global Times found various undergoing experiments such as a wireless performance test, as the lab passes qualification tests for new products while set up new industrial standards.
Currently, more than 200 million yuan has been invested in lab equipment, the person in charge of the lab told the Global Times, adding that the lab completed 40 standards related to IoT while promoting the formulation and establishment of 43 standards. In the 5G sector, the first 5G industrial service platform in China jointly built by the lab and Huawei was officially launch.
The lab will better utilize the resources for enterprises especially startups to meet up with their technology demand, the person in charge of the Fuzhou zone of Fujian Pilot FTA, told the Global Times, noting that some startups will be able to enjoy policy benefits and subsidies via the lab's platform.
After many years of cultivation, the IoT industry in the Fuzhou area has made remarkable achievements. For instance, the sales of POS machines from the Newland company ranked the second in the world and the first in the Asia-Pacific. The company has developed a world-class live detection algorithm and is the only payment hardware provider in China with self-developed face recognition algorithms.
In the first quarter of 2023, the import and export value of the 21 FTAs reached 1.8 trillion yuan, a year-on-year increase of 6.6 percent, official data showed.
China's import and export volume of goods reached 20.1 trillion yuan ($2.8 trillion) in the first half of the year, up 2.1 percent year on year. This is within expectations, as the country's foreign trade sector witnessed improvement in quality amid continuous economic recovery, official data showed on Thursday.
According to data released by the General Administration of Customs (GAC), the country's exports increased by 3.7 percent year-on-year hitting 11.46 trillion yuan between January and June, while imports slightly declined 0.1 percent year-on-year to reach 8.64 trillion yuan.
Lü Daliang, a GAC spokesperson said the country's foreign trade volume showed growth while maintaining stability, as the total imports and export volume in the second quarter increased 7 percent quarter-on-quarter to reach 10.34 trillion yuan. The readings in May and June both saw a month-on-month growth of 1.2 percent.
As the structure of the country's foreign trade sector continues to see improvement, the import and export volume of private companies in China continue to grow. In the first six months, private enterprises imported and exported a total of 10.59 trillion yuan worth of goods, up 8.9 percent year-on-year. That accounted for 52.7 percent of the country's total, up 3.3 percentage points, according to the GAC.
Over the same period, the ASEAN remains China's largest trade partner, with bilateral trade up 5.4 percent year-on-year to reach 3.08 trillion yuan. Meanwhile, China's foreign trade with the EU increased by 1.9 percent year-on-year, hitting 2.75 trillion yuan, whereas that trade with the US fell 8.4 percent year-on-year to 2.25 trillion yuan, Lü said.
It's worth noting that China's trade with countries and regions along the Belt and Road Initiative jumped 9.8 percent year-on-year in the first half, 7.7 percentage points higher than the country's total foreign trade growth rate, data showed.
Driven by "three new major ones," namely solar batteries, lithium-ion batteries and electric vehicles, the country's export of machinery products rose 6.3 percent year-on-year to reach 6.66 trillion yuan in the first half, accounting for 58.2 percent of the country's total export, according to the GAC.
The country's imports of bulk commodities including energy, minerals and grain increased by 17.1 percent year-on-year over the period.
China's foreign trade faces pressure amid challenges such as rising geopolitical tensions and weak external demand in the second half, but the positive long-term foreign trade prospect will not change and we have confidence and the conditions to achieve high-quality foreign trade development, Lü said.
China's trade in goods with countries along the Belt and Road jumped 9.8 percent year-on-year in the first half of 2023, 7.7 percentage points higher than the country's overall trade growth during the same period, government data showed Thursday.
The total value of trade in goods with countries along the Belt and Road accounted for 34.3 percent of the country's total import and export value of 20.1 trillion yuan ($2.8 trillion) registered in the first half of the year, according to data released by the General Administration of Customs at a press conference of the State Council Information Office.
The data also revealed that the value of China's trade in goods with other members of the Regional Comprehensive Economic Partnership rose 1.5 percent year-on-year in the same period.
Reported on July 10-13 2023 by the Global Times, Xinhua (China).
The potential growth rate of China's economy is expected to be maintained within a reasonable range, and the country has conditions to keep in place a normal monetary policy, positive interest rates as well as normal and upward yield curve, Yi Gang, governor of the People's Bank of China, the...
The potential growth rate of China's economy is expected to be maintained within a reasonable range, and the country has conditions to keep in place a normal monetary policy, positive interest rates as well as normal and upward yield curve, Yi Gang, governor of the People's Bank of China, the...
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The 14th annual US-China CEO and Former Senior Officials' Dialogue is held in Beijing on July 12 and 13, 2023. Photo: Courtesy of China Center for International Economic Exchanges
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The classics have long and convincingly proved that economics dictates politics. Frequent cases of violence by politicians, or rather specific politicians over the economy, most often do not bring the expected result in the long term. That is why seemingly purely political associations, one of which is the SCO the
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Yerbol Karashukeev noted the great potential of Kazakhstan in the production of...
Minister of Agriculture of Kazakhstan Yerbol Karashukeev and Vice President of COFCO Zhu Ze discussed the potential for Kazakh wheat exports to China, as well as existing agreements, with reference to the press service of the Ministry of Agriculture.
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Imports of goods from China to Kyrgyzstan in January-May 2023 increased by 27% (by $375 million approx.), follows from the data of the National Statistical Committee.
The volume of imports following the results of 5 months was noted at the level of $1.76 billion.
China in January-May 2023 is the largest trading...
Imports of goods from China to Kyrgyzstan in January-May 2023 increased by 27% (by $375 million approx.), follows from the data of the National Statistical Committee.
The volume of imports following the results of 5 months was noted at the level of $1.76 billion.
China in January-May 2023 is the largest trading...
China will keep improving the domestic business environment for all international enterprises, said China's Minister of Commerce Wang Wentao on Tuesday when meeting with Karl Haeusgen, president of Verband Deutscher Maschinen und Anlagenbau (VMDA), and Christian Klein, CEO of SAP.
Both German business leaders opposed "decoupling" from China, noting that the...
China will keep improving the domestic business environment for all international enterprises, said China's Minister of Commerce Wang Wentao on Tuesday when meeting with Karl Haeusgen, president of Verband Deutscher Maschinen und Anlagenbau (VMDA), and Christian Klein, CEO of SAP.
Both German business leaders opposed "decoupling" from China, noting that the...
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"This sort of event is a great opportunity for businesses to put China, especially Shanghai, back onto their...
Shanghai provides important trading and collaboration opportunities, representatives from business associations and enterprises in the United Kingdom said during an event held here on Tuesday to promote investment in the Chinese economic hub.
"This sort of event is a great opportunity for businesses to put China, especially Shanghai, back onto their...
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It was a major breakthrough and the company was...
Since 2022, Switzerland-based Novartis has seen 100 percent of its drug development in China achieve simultaneous development with markets worldwide, significantly narrowing the time gap between launches of new drugs in China and globally, said a senior executive of the pharmaceutical company.
It was a major breakthrough and the company was...
China's foreign ministry criticized Germany's "Strategy on China" on Friday, stating that it is counterproductive and risky to use "de-risking" and "reducing dependence" as a pretext for engaging in competition, protectionism, and politicizing normal cooperation with an over-stretched national security concept.
Analysts and industry insiders also pointed out that "de-risking" is...
China's foreign ministry criticized Germany's "Strategy on China" on Friday, stating that it is counterproductive and risky to use "de-risking" and "reducing dependence" as a pretext for engaging in competition, protectionism, and politicizing normal cooperation with an over-stretched national security concept.
Analysts and industry insiders also pointed out that "de-risking" is...
German life sciences company Bayer AG is confident about the rapidly developing Chinese pharmaceutical market and will continue to invest and bring more innovative products into the country, the head of its pharmaceuticals division said.
"China has been and remains one of our most important markets. It is developing fast and...
German life sciences company Bayer AG is confident about the rapidly developing Chinese pharmaceutical market and will continue to invest and bring more innovative products into the country, the head of its pharmaceuticals division said.
"China has been and remains one of our most important markets. It is developing fast and...
Danfoss Group, the Danish engineering company, announced the signing of China’s first green development initiative for the inland waterway shipping industry, said the company in a statement.
Danfoss, China Yangtze River Shipping Co Ltd and other major players in the shipping and shipbuilding fields gathered in Wuhan, Hubei province, last week...
Danfoss Group, the Danish engineering company, announced the signing of China’s first green development initiative for the inland waterway shipping industry, said the company in a statement.
Danfoss, China Yangtze River Shipping Co Ltd and other major players in the shipping and shipbuilding fields gathered in Wuhan, Hubei province, last week...
Chinese provinces are gearing up to explore ASEAN countries' e-commerce opportunities, as the region has played a prominent role in expanding trade with China.
"We have conducted roadshows in provinces of Jiangxi, Jiangsu, Shandong, Jilin, Hunan, as well as Beijing for the coming event, and so far, we have received more...
Chinese provinces are gearing up to explore ASEAN countries' e-commerce opportunities, as the region has played a prominent role in expanding trade with China.
"We have conducted roadshows in provinces of Jiangxi, Jiangsu, Shandong, Jilin, Hunan, as well as Beijing for the coming event, and so far, we have received more...
India's exports to China rallied in the first five months of 2023, a piece of good news for India's manufacturing ambitions. When further tapping the potential in China-India trade, both sides need to pursue two-way market openness and fair competition.
During 2022, India's exports to China dwindled to $17.48 billion, a...
India's exports to China rallied in the first five months of 2023, a piece of good news for India's manufacturing ambitions. When further tapping the potential in China-India trade, both sides need to pursue two-way market openness and fair competition.
During 2022, India's exports to China dwindled to $17.48 billion, a...
Pakistan is looking forward to taking the China Pakistan Economic Corridor (CPEC) into the next phase with greater vigor and hopes to see fruits of the CPEC benefit not only China and Pakistan, but the whole region, said Minister of Planning, Development and Special Initiatives for Pakistan Ahsan Iqbal.
Iqbal was...
Pakistan is looking forward to taking the China Pakistan Economic Corridor (CPEC) into the next phase with greater vigor and hopes to see fruits of the CPEC benefit not only China and Pakistan, but the whole region, said Minister of Planning, Development and Special Initiatives for Pakistan Ahsan Iqbal.
Iqbal was...
China's top diplomat Wang Yi met with Indian External Affairs Minister Subrahmanyam Jaishankar on Friday, during which Wang urged India to provide a fair, transparent and non-discriminatory business environment for Chinese companies.
Wang, director of the Office of the Central Commission for Foreign Affairs, expressed China's concerns over India's recent restrictions...
China's top diplomat Wang Yi met with Indian External Affairs Minister Subrahmanyam Jaishankar on Friday, during which Wang urged India to provide a fair, transparent and non-discriminatory business environment for Chinese companies.
Wang, director of the Office of the Central Commission for Foreign Affairs, expressed China's concerns over India's recent restrictions...
The groundbreaking ceremony for the Unit 5 of the Chashma Nuclear Power Plant in Pakistan was held on Friday, the third one-million-kilowatt-class unit of Hualong-One, China's domestically developed third-generation nuclear power generator, exported from China to Pakistan.
It marks China's 7th nuclear power generator exported to Pakistan, another milestone in nuclear...
The groundbreaking ceremony for the Unit 5 of the Chashma Nuclear Power Plant in Pakistan was held on Friday, the third one-million-kilowatt-class unit of Hualong-One, China's domestically developed third-generation nuclear power generator, exported from China to Pakistan.
It marks China's 7th nuclear power generator exported to Pakistan, another milestone in nuclear...
Thailand's beverage company TCP Group said on Friday that it will invest 1.3 million yuan ($180,000) into its new production base in Nanning, Southwest China's Guangxi Zhuang autonomous region, as the company bets big on the Chinese market for greater growth.
The move marked the foreign company's further expansion into the...
Thailand's beverage company TCP Group said on Friday that it will invest 1.3 million yuan ($180,000) into its new production base in Nanning, Southwest China's Guangxi Zhuang autonomous region, as the company bets big on the Chinese market for greater growth.
The move marked the foreign company's further expansion into the...
The US should avoid "head-to-head" engagement with China in increasing engagement with African partners and focus on how to benefit African countries, US media Voice of America (VOA) said in a Chinese version report recently, citing analysts. The changed tone appears to call for a broader development partnership to support...
The US should avoid "head-to-head" engagement with China in increasing engagement with African partners and focus on how to benefit African countries, US media Voice of America (VOA) said in a Chinese version report recently, citing analysts. The changed tone appears to call for a broader development partnership to support...
China and the United States need to realize that their bilateral relations can affect countries around the world, experts said while calling for more efforts to understand the peaceful rise of China.
Kishore Mahbubani, distinguished fellow of Asia Research Institute at National University of Singapore, said in a program shown by...
China and the United States need to realize that their bilateral relations can affect countries around the world, experts said while calling for more efforts to understand the peaceful rise of China.
Kishore Mahbubani, distinguished fellow of Asia Research Institute at National University of Singapore, said in a program shown by...
Algerian President Abdelmadjid Tebboune's visit to China from Monday to Friday is expected to strengthen bilateral relations, foster sustainable development and promote world peace, an expert has said.
In an interview with Xinhua, Smail Debeche, president of the Algeria-China Friendship Association, said the "historical and political ties between the two nations...
Algerian President Abdelmadjid Tebboune's visit to China from Monday to Friday is expected to strengthen bilateral relations, foster sustainable development and promote world peace, an expert has said.
In an interview with Xinhua, Smail Debeche, president of the Algeria-China Friendship Association, said the "historical and political ties between the two nations...
Zimbabwean President Emmerson Mnangagwa on Friday commissioned the new Chinese-funded expanded terminal at Robert Gabriel Mugabe International Airport in Harare, the main gateway to the southern African country.
Starting in 2018, the expansion project was done by China Jiangsu International with funding from the Export-Import Bank of China.
The project, expected to...
Zimbabwean President Emmerson Mnangagwa on Friday commissioned the new Chinese-funded expanded terminal at Robert Gabriel Mugabe International Airport in Harare, the main gateway to the southern African country.
Starting in 2018, the expansion project was done by China Jiangsu International with funding from the Export-Import Bank of China.
The project, expected to...
A new air cargo service linking Nanjing, capital of East China's Jiangsu province with New York City in the United States, was launched on Tuesday, according to Nanjing Customs on Thursday.
The cargo route, which aims to meet the demand of enterprises in Nanjing and surrounding areas for the transportation of...
A new air cargo service linking Nanjing, capital of East China's Jiangsu province with New York City in the United States, was launched on Tuesday, according to Nanjing Customs on Thursday.
The cargo route, which aims to meet the demand of enterprises in Nanjing and surrounding areas for the transportation of...
