China will promote the integration of domestic and foreign trade and consolidate the stability of supply and industrial chains to secure jobs for nearly 200 million people during the period of the 14th Five-Year Plan (2021-25), according to a government report.
Released by the Ministry of Commerce, China’s Foreign Trade Situation Report (Spring 2021) examines the foreign trade situation in the country from last year to April of this year, and also analyzes the global environment and the outlook for the remainder of this year.
The COVID-19 pandemic has yet to be effectively controlled globally, while vaccine production, distribution and deployment have been uneven, he said. The global economic recovery is still not stable or balanced, as there have been several constraints on international industrial and supply chains, all of which have led to a complex external environment for China’s foreign trade growth. , according to the report.
With the adoption by the government of stable foreign trade policies and measures, relatively new business forms and models, such as electronic commerce, are booming across China, and resilience to the development of foreign trade enterprises is strengthened. These factors will strongly support the steady growth of imports and exports.
To alleviate the pressure caused by COVID-19, the report says that more than 10,000 Chinese export-oriented companies went online for the first time in 2020, while a large number of Chinese companies adopted digital solutions , including big data, business-to-commerce platforms and online exhibition activities to attract global customers and increase sales.
“Many Chinese manufacturers have continued to invest to improve the technical content and added value of export products, with the aim of moving up the value chain,” said Bai Ming, deputy director of the international market research department at Chinese Academy of International Trade. and economic cooperation.
He said that an increasing number of Chinese companies have also started to cultivate their “soft power” for exports, focusing on improving the overall capabilities of supply chain management, brand building. , quality control and after-sales service to further compete with global rivals. .
China’s efforts to take advantage of high-level openness to promote the dual-flow development model will not only boost domestic consumption, but also attract foreign resources, said Zhang Yongjun, a researcher at the China Center for Human Rights. Beijing-based international economic exchanges.
The new development model has the domestic market as the pillar of the economy, while the domestic and international markets support each other.
“While increasing domestic demand and ensuring the fluidity of internal circulation, the national cycle of production, distribution and consumption, China will continue to stimulate exports and imports, as well as attract foreign direct investment.” , did he declare.
China’s foreign trade grew 28.2% on an annual basis to reach 14.76 trillion yuan ($ 2.31 trillion) in the first five months of the year, reflecting the acceleration of the growth of exports and imports. It is also driven by robust domestic demand and an increase in overseas orders, according to data from the General Customs Administration.
CRRC Qingdao Sifang Co, based in Shandong Province, a subsidiary of China Railway Rolling Stock Corp, the country’s largest rolling stock manufacturer in terms of production volume, and its partner Astra Vagoane Arad, last month signed a contract for the supply of 100 trams with the Bucharest town hall in Romania. . The vehicles covered by the project are 100% modern low-floor trams with standard track gauge, four-module formation and an advanced power supply system.
“This is the first complete vehicle project won by the Chinese manufacturer of rail transport equipment in Romania,” said Ma Lijun, chairman of CRRC Qingdao Sifang, adding that the company was ready to provide more trains to countries. from Central and Eastern Europe in the years to come.
At present, China’s foreign trade reach has expanded to more than 230 countries and regions, and the Association of Southeast Asian Nations has become its largest trading partner, according to the Department of Commerce.
Economic cooperation with the countries and regions participating in the Belt and Road Initiative continued to deepen trade, and its proportion in China’s total foreign trade increased from 25.1% in 2015 to 29. , 1% in 2020.
Source: China Daily