BEIJING: China is confident that it can sustain the sound fundamentals of foreign trade, with exports climbing the value chain and the import market presenting greater opportunities amid the complex global economic environment and uncertainties, Commerce Minister Wang Wentao said on Wednesday.
Positive signs have emerged as China’s foreign trade sector maintained its growth momentum in the first two months of the year, Wang said at a news conference during the annual session of the country’s top legislature. Many enterprises are venturing abroad to participate in trade shows and expand their market presence, he added.
The development of foreign trade is supported by a strengthened industrial base, abundant resources and enhanced innovation capabilities, enabling more exports of higher value-added goods. Meanwhile, China’s proactive approach to further opening up its markets has contributed to the expansion of import opportunities, Wang said. However, factors such as sluggish global economic growth, increasing trade protectionism and rising geopolitical tensions have all contributed to the severity of the foreign trade situation, he added.
A report by the International Monetary Fund indicated that about 3,000 restrictive trade measures were implemented globally in 2023, a significant increase from the 1,100 measures in 2019. The World Trade Organization has forecast a meager 3.3 percent year-on-year growth in global merchandise trade volume for this year, well below the historical average of 4.9 percent.
In the near term, strengthened financial services for foreign trade, continued promotion of trade fairs and the streamlined visa process for businesspeople are among key favorable policies that are part of the country’s efforts to address the difficulties and uncertainties faced by the foreign trade sector, Wang said.
Looking to the medium and long term, the key focus for China is to nurture new drivers for foreign trade and propel high-quality development in the sector. –Agencies
