Global Tradelink 2024-03-19 16:20 Zhejiang
Although this year's foreign trade situation is still more severe, but this year has been a positive trend. According to customs statistics, in the first two months of 2024, China's total import and export value of goods trade was 6.61 trillion yuan, an increase of 8.7% year-on-year. Of this total, the export was 3.75 trillion yuan, up by 10.3%; Imports reached 2.86 trillion yuan, up 6.7%.
Recently, Minister of Commerce Wang Wentao said at the press conference on the economic theme of the Second session of the 14th National People's Congress that, overall, the development of foreign trade relies on the industrial base, factor endowment, innovation ability is constantly strengthening, our export commodities are climbing up the value chain, and we actively open up, import market opportunities are also expanding, import and export have great potential. Foreign trade has shown strong resilience. We have the confidence and confidence to consolidate the basic plan of foreign trade and foreign investment.
In terms of stabilizing foreign trade policy, Wang Wentao said that in the medium and long term, according to the deployment of the Central Economic Work Conference and the Government Work report, the key is to cultivate new growth drivers for foreign trade and promote high-quality development of foreign trade, focusing on four aspects: first, expand trade in intermediate goods, second, promote cross-border e-commerce exports, third, improve the level of trade digitalization, and fourth, promote green development of trade.
Liu Xiangdong, deputy minister of the economic research department of the China Center for International Economic Exchanges, told First Finance that the problem of new momentum in foreign trade is not only a matter of maintaining the same market share, but also to explore new paths for foreign trade growth, including the use of new technologies, new rules and other ways to promote foreign trade development and expand new space for the development of diversified commodity foreign trade.
We will foster new growth drivers for foreign trade
The Central Economic Work Conference held at the end of last year proposed that we should accelerate the cultivation of new growth drivers for foreign trade, consolidate the basic market of foreign trade and foreign investment, and expand trade in intermediate goods, service trade, digital trade, and cross-border e-commerce exports.
Zhou Nianli, a professor at the National (Beijing) Institute of Opening Up and the China WTO Research Institute at the University of International Business and Economics, told First Finance and Economics that the above several forms of trade emphasizing expansion are in line with the overall trend of international trade.
In terms of intermediate goods trade, Wang Lingjun, deputy director of the General Administration of Customs, said at the beginning of the year that with the in-depth development of globalization and international division of labor, intermediate goods, as a link between the upstream and downstream industries, have increasingly become the main body of global trade, accounting for more than half of the global trade in goods, in promoting the development of global trade, ensuring the stability of the global industrial chain and supply chain. All play a very important role. China is deeply integrated into globalization, and the proportion of imports and exports of intermediate goods is constantly increasing.
For the expansion of intermediate goods trade, Wang Wentao said that we will deepen cooperation with willing global trading partners in the production and supply chain, and build an inclusive, resilient and sustainable industrial chain supply chain.
Wang Lingjun said that thanks to the complete industrial system and strong supply capacity, China has exported a large number of intermediate goods to meet the needs of industrial development in different regions of the world. From the specific market point of view, China's export of auto parts to Japan and Mexico, the export of lithium batteries to the United States and Germany, and the export of flat panel display module intermediates to Vietnam and Indonesia have achieved double-digit growth. In the same period, China exported more than one trillion yuan of textile and plastic intermediates, providing impetus for the industrial development of ASEAN, Africa and other regions.
In order to promote cross-border e-commerce exports, Wang Wentao said that we will improve customs clearance, taxation, foreign exchange and other policies, and accelerate the construction of supply chains and ecosystems that adapt to the development of cross-border e-commerce.
According to preliminary customs statistics, cross-border e-commerce grew rapidly in 2023, and China's cross-border e-commerce imports and exports were 2.38 trillion yuan in the year, an increase of 15.6%. Among them, the export was 1.83 trillion yuan, up by 19.6 percent; Imports reached 548.3 billion yuan, up 3.9%. The number of consumers participating in cross-border e-commerce imports is increasing year by year, reaching 163 million in 2023.
Zhou Nianli said: "China is already a big e-commerce country, and it has innovative advantages in the development of cross-border e-commerce, a new form and model of foreign trade. At the same time, we have the corresponding industrial base."
Zhou Nianli analyzed that the "digital trade" defined by narrow caliber is the service trade that can be digitized. With the development of digital technology, the proportion of this item in the entire service trade is constantly increasing. "At present, the proportion of service trade in international trade is much lower than the proportion of service industry in GDP. Trade in services is a potential source for the future development of international trade, and digital trade is a potential source for the development of service trade."
In promoting the green development of trade, Wang Wentao believes that this is a trend in the future, and we will support the trade of green and low-carbon products with high quality, high-tech and high added value. Build a public service platform for green trade development, help foreign trade enterprises accelerate green and low-carbon transformation, and improve the green development level of foreign trade industrial chain and supply chain.
Some positive trends are emerging
In the past 2023, according to customs statistics, China's import and export value of 41.76 trillion yuan, an increase of 0.2%. Of this total, the export was 23.77 trillion yuan, up by 0.6%; Imports were 17.99 trillion yuan, down 0.3%.
Liang Ming, director and researcher of the Institute of Foreign Trade of the Research Institute of the Ministry of Commerce, said in an interview with First Finance and Economics that in 2023, in the context of the obvious lack of momentum in the world economy and trade, China's trade volume of goods reached a new annual record high for the seventh time since 2016 according to the renminbi. China's foreign trade has been running at a high level on the basis of successive annual highs and achieved stable growth.
From the specific indicators, China's international market share remains stable. Liang Ming expects that the international market share of China's exports in 2023 will be about 14.2%, which is basically the same as in 2022. "The international market share of foreign trade exports is a direct reflection of the international market competitiveness of a country's foreign trade exports, and the stability of export shares shows that the overall competitiveness of China's foreign trade is still very stable."
However, Wang Wentao also mentioned that in the first two months of this year, we have seen a lot of positive trends.
In addition to the continuation of the growth trend of imports and exports since October last year in January to February this year, Wang Wentao said that due to the relatively high base in March last year, the data in March this year may have some decline, but the overall trend is upward, and the small peak of imports and exports before the Spring Festival in previous years has continued to the Spring Festival this year. Some China-Europe freight trains, ocean-going cargo ships, cross-border e-commerce and overseas warehouses are still busy. Many enterprises go abroad to participate in exhibitions and explore the market. Export orders for key products such as home appliances and automobiles were better than expected.
In view of the difficulties and uncertainties faced by foreign trade, Wang Wentao said that support will be increased mainly from three aspects. First, in terms of financial services, we will further strengthen the financial service guarantee for foreign trade enterprises, especially small, medium-sized and micro enterprises, and make a good lead. Second, in terms of trade promotion, China will continue to hold the Canton Fair, Import Expo, service Trade Fair, consumer Expo, digital trade Fair and other exhibitions, publish trade promotion information and country trade guides, and encourage enterprises to participate in various exhibitions at home and abroad. Third, personnel exchanges, the recent resumption of flights between China and foreign countries, will continue to promote together with relevant departments to facilitate the visa application of business people, support enterprises to carry out trade promotion and supply and procurement docking.
Yang Fan, spokesman for the China Council for the Promotion of International Trade, also said recently that the council will vigorously carry out the "thousand delegations to sea" action. For Europe, the United States, Japan, South Korea, ASEAN, Latin America and other important economic and trade partners, more than 1,000 batches of business groups will be organized to overseas exhibitions and visits to negotiate, help enterprises to expand the market with orders, and support local investment.
Source: China Business News
The Central Economic Work Conference held at the end of last year proposed that we should accelerate the cultivation of new growth drivers for foreign trade, consolidate the basic market of foreign trade and foreign investment, and expand trade in intermediate goods, service trade, digital trade, and cross-border e-commerce exports.
Zhou Nianli, a professor at the National (Beijing) Institute of Opening Up and the China WTO Research Institute at the University of International Business and Economics, told First Finance and Economics that the above several forms of trade emphasizing expansion are in line with the overall trend of international trade.
In terms of intermediate goods trade, Wang Lingjun, deputy director of the General Administration of Customs, said at the beginning of the year that with the in-depth development of globalization and international division of labor, intermediate goods, as a link between the upstream and downstream industries, have increasingly become the main body of global trade, accounting for more than half of the global trade in goods, in promoting the development of global trade, ensuring the stability of the global industrial chain and supply chain. All play a very important role. China is deeply integrated into globalization, and the proportion of imports and exports of intermediate goods is constantly increasing.
For the expansion of intermediate goods trade, Wang Wentao said that we will deepen cooperation with willing global trading partners in the production and supply chain, and build an inclusive, resilient and sustainable industrial chain supply chain.
According to the General Administration of Customs, intermediate goods include raw materials, semi-finished products, spare parts and other products. In 2023, China's import and export of intermediate goods 25.53 trillion yuan, accounting for 61.1% of the total import and export value. Among them, the export of intermediate goods was 11.24 trillion yuan, accounting for 47.3% of China's total export value; Intermediate goods were imported 14.29 trillion yuan, accounting for 79.4% of China's total import value.
Wang Lingjun said that thanks to the complete industrial system and strong supply capacity, China has exported a large number of intermediate goods to meet the needs of industrial development in different regions of the world. From the specific market point of view, China's export of auto parts to Japan and Mexico, the export of lithium batteries to the United States and Germany, and the export of flat panel display module intermediates to Vietnam and Indonesia have achieved double-digit growth. In the same period, China exported more than one trillion yuan of textile and plastic intermediates, providing impetus for the industrial development of ASEAN, Africa and other regions.
In order to promote cross-border e-commerce exports, Wang Wentao said that we will improve customs clearance, taxation, foreign exchange and other policies, and accelerate the construction of supply chains and ecosystems that adapt to the development of cross-border e-commerce.
According to preliminary customs statistics, cross-border e-commerce grew rapidly in 2023, and China's cross-border e-commerce imports and exports were 2.38 trillion yuan in the year, an increase of 15.6%. Among them, the export was 1.83 trillion yuan, up by 19.6 percent; Imports reached 548.3 billion yuan, up 3.9%. The number of consumers participating in cross-border e-commerce imports is increasing year by year, reaching 163 million in 2023.
Zhou Nianli said: "China is already a big e-commerce country, and it has innovative advantages in the development of cross-border e-commerce, a new form and model of foreign trade. At the same time, we have the corresponding industrial base."
In terms of improving the level of trade digitalization, Wang Wentao said that we will take the Guangdong-Hong Kong-Macao Greater Bay Area global trade digitalization Pilot Zone, Shanghai Pilot Free Trade Zone, and foreign trade transformation and upgrading base as carriers to enhance the level of trade digitalization. Accelerate the digitization of international trade documents, build cooperation consensus in bilateral and multilateral areas, and explore cooperation paths.
Zhou Nianli analyzed that the "digital trade" defined by narrow caliber is the service trade that can be digitized. With the development of digital technology, the proportion of this item in the entire service trade is constantly increasing. "At present, the proportion of service trade in international trade is much lower than the proportion of service industry in GDP. Trade in services is a potential source for the future development of international trade, and digital trade is a potential source for the development of service trade."
In promoting the green development of trade, Wang Wentao believes that this is a trend in the future, and we will support the trade of green and low-carbon products with high quality, high-tech and high added value. Build a public service platform for green trade development, help foreign trade enterprises accelerate green and low-carbon transformation, and improve the green development level of foreign trade industrial chain and supply chain.
As the world's largest trading nation, China is playing a major role in global green manufacturing, mainly through the development of the "new three" clean energy technologies, namely electric vehicles, lithium-ion batteries and solar panels, according to a report by the China Energy Foundation. According to customs statistics, the export growth rate of the "new three types" in 2023 will increase by 30%.
Some positive trends are emerging
In the past 2023, according to customs statistics, China's import and export value of 41.76 trillion yuan, an increase of 0.2%. Of this total, the export was 23.77 trillion yuan, up by 0.6%; Imports were 17.99 trillion yuan, down 0.3%.
Liang Ming, director and researcher of the Institute of Foreign Trade of the Research Institute of the Ministry of Commerce, said in an interview with First Finance and Economics that in 2023, in the context of the obvious lack of momentum in the world economy and trade, China's trade volume of goods reached a new annual record high for the seventh time since 2016 according to the renminbi. China's foreign trade has been running at a high level on the basis of successive annual highs and achieved stable growth.
From the specific indicators, China's international market share remains stable. Liang Ming expects that the international market share of China's exports in 2023 will be about 14.2%, which is basically the same as in 2022. "The international market share of foreign trade exports is a direct reflection of the international market competitiveness of a country's foreign trade exports, and the stability of export shares shows that the overall competitiveness of China's foreign trade is still very stable."
When talking about the current foreign trade situation, Wang Wentao said that the foreign trade situation this year is in a very severe situation. On the one hand, many international organizations expect that the global economic growth rate in 2024 will still be lower than the historical average, and the downward pressure on external demand will still be great. On the other hand, we have also seen the rise of trade protectionism and unilateralism. According to the International Monetary Fund, some 3,000 trade-restrictive measures were implemented globally in 2023, up from 1,100 in 2019. The World Trade Organization predicts that global trade in goods will grow by 3.3% this year, well below the historical average of 4.9%. Spillover factors such as geopolitical conflicts and the global "super election year" will also bring a lot of uncertainties.
However, Wang Wentao also mentioned that in the first two months of this year, we have seen a lot of positive trends.
In addition to the continuation of the growth trend of imports and exports since October last year in January to February this year, Wang Wentao said that due to the relatively high base in March last year, the data in March this year may have some decline, but the overall trend is upward, and the small peak of imports and exports before the Spring Festival in previous years has continued to the Spring Festival this year. Some China-Europe freight trains, ocean-going cargo ships, cross-border e-commerce and overseas warehouses are still busy. Many enterprises go abroad to participate in exhibitions and explore the market. Export orders for key products such as home appliances and automobiles were better than expected.
In view of the difficulties and uncertainties faced by foreign trade, Wang Wentao said that support will be increased mainly from three aspects. First, in terms of financial services, we will further strengthen the financial service guarantee for foreign trade enterprises, especially small, medium-sized and micro enterprises, and make a good lead. Second, in terms of trade promotion, China will continue to hold the Canton Fair, Import Expo, service Trade Fair, consumer Expo, digital trade Fair and other exhibitions, publish trade promotion information and country trade guides, and encourage enterprises to participate in various exhibitions at home and abroad. Third, personnel exchanges, the recent resumption of flights between China and foreign countries, will continue to promote together with relevant departments to facilitate the visa application of business people, support enterprises to carry out trade promotion and supply and procurement docking.
Yang Fan, spokesman for the China Council for the Promotion of International Trade, also said recently that the council will vigorously carry out the "thousand delegations to sea" action. For Europe, the United States, Japan, South Korea, ASEAN, Latin America and other important economic and trade partners, more than 1,000 batches of business groups will be organized to overseas exhibitions and visits to negotiate, help enterprises to expand the market with orders, and support local investment.
Source: China Business News
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