China’s foreign trade volume reached a new high in the first half of this year, showing strong resilience and a steady upward momentum despite the challenging external environment.
China’s strong manufacturing capabilities, along with its burgeoning consumer market, technological advancements and favourable trade policies, have been providing its trade partners with vast opportunities and boosting the global economic recovery.
Observing a shift towards tech-intensive and green exports, as well as increased trade cooperation with emerging markets, overseas experts have expressed their confidence in the prospects of China’s foreign trade.
China’s trade volume expanded 6.1 per cent year on year to about 2.97 trillion dollars in the January-June period, with exports rising 6.9 per cent and imports climbing 5.2 per cent, according to the country’s General Administration of Customs (GAC).
Amidst trade protectionism and anti-globalization sentiments, experts said China’s active promotion of the Belt and Road cooperation, and multilateral platforms such as the Regional Comprehensive Economic Partnership (RCEP) facilitates smoother global trade flows and stimulates economic growth across participating countries.
China’s trade with countries participating in the Belt and Road Initiative (BRI) has maintained vibrant growth, with the trade volume up 7.2 per cent to about 1.38 trillion dollars in the first half of this year.
Experts also observed that China’s external demand structure is shifting from developed markets toward emerging markets.
While the demand from developed countries will likely decline, emerging economies including the Association of Southeast Asian Nations (ASEAN), Latin America and BRICS nations will be able to fill the gap, Yu Xiangrong, chief economist at Citigroup China said, noting that the country’s export growth is expected to remain steady.
“China is expected to play a pivotal role in global economic development by driving innovation, enhancing international trade through initiatives like the BRI and RCEP, and contributing to global supply chains,” the Saudi researcher said.