China's Import And Export Trade Growth Under The "China-US Trade War"

China's Import And Export Trade Growth Under The "China-US Trade War"

• 2018/10/25

This year marks the 40th anniversary of China's reform and opening up. In the past 40 years, China's foreign trade sector has ushered in profound changes. Gu Xueming, dean of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce, said at the International Trade Development Forum of the Canton Fair recently that the reform of the foreign trade system has promoted the development of China's trade, its scale has expanded rapidly, its structure has been optimized and upgraded, and it has also provided a powerful impetus for the development of world trade.

Li Kuiwen, the spokesman of the General Administration of Customs, said that overall, since the beginning of this year, China's foreign trade operation has been generally stable, stable and progressive, and the high-quality development of foreign trade has progressed in an orderly manner. Although there are still some uncertainties and unstable factors in the international economic and trade field, In particular, Sino-US trade friction has caused certain problems and impacts on China's foreign trade development, but the direct and indirect effects generated are generally controllable. China's import and export situation in the first three quarters showed seven characteristics: the import and export value increased quarter by quarter, and the year-on-year growth rate in the third quarter increased significantly; the general trade import and export increased rapidly, the proportion increased; the import and export growth of major trading partners, and some " The import and export of countries along the Belt and Road Initiative is better; the import and export of private enterprises is growing, and the proportion is increasing.

Customs statistics show that in the first three quarters while maintaining good growth with traditional trading partners, China and the countries along the “Belt and Road” have maintained rapid growth in import and export trade with Africa and Latin America, and the growth rate of foreign trade in these regions. The overall growth rate was 3.3, 3.9 and 3.8 percentage points respectively.

However, with the deepening of the supply-side structural reform in China, the endogenous power of economic development has been further enhanced, and market diversification and trade facilitation have continuously made new progress. Li Kuiwen said that it is expected that China's foreign trade import and export will maintain steady growth throughout the year. And the benefits are further improved.

In the first three quarters, China's foreign trade import and export grew rapidly, laying a solid foundation for the steady progress of foreign trade in the whole year. At the same time, the current international environment is still uncertain and there are still many unstable factors. The Sino-US economic and trade frictions are constantly escalating, and the growth of global trade in goods is also facing challenges.

A few days ago, at the press conference of the General Administration of Customs of China, Li Kuiwen pointed out that the main reasons for China's stable foreign trade are: First, the Chinese economy has maintained a generally stable, stable and stable development trend, and many economic indicators have been generally stable. The increase in China’s import demand. Second, the international market layout is more optimized. Customs statistics show that in the first three quarters while maintaining good growth with traditional trading partners, China and the countries along the “Belt and Road” have maintained rapid growth in import and export trade with Africa and Latin America. Third, the effects of a series of measures to stabilize foreign trade growth have gradually emerged. Fourth, the growth of foreign trade is mainly driven by the increase in quantity, and there are also price factors.

With the support of policies, the foreign trade industry will continue to grow. For the “blue ocean market” in Africa, there is still a huge market for fast-moving consumer goods, daily necessities, and building materials, etc. As one of DTH's main markets, Africa will continue to work hard to produce healthy and affordable hygiene products for African people.

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