Export-bound vehicles await shipment at Yantai port, Shandong province. TANG KE/FOR CHINA DAILY
Export vehicles are waiting for shipment at Yantai Port.
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.
On March 6, Minister of Commerce Wang Wentao said that China has confidence and confidence in consolidating the basic market of foreign trade and foreign investment. In the complex global economic environment and uncertainty, China's export commodities are climbing up the value chain, and import and export show great potential.
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.
Wang Wentao said that in the first two months of this year, China's foreign trade maintained its growth momentum and showed positive signs. Many enterprises are going abroad to participate in trade exhibitions and expand their market share.
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.
The industrial base, factor endowments and innovation capabilities that support the development of foreign trade are constantly improving, and China's export commodities are climbing up the value chain. Moreover, China is actively opening up, and the import market opportunities are also expanding.
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.
However, the sluggish global economic growth, the rise of trade protectionism and the intensification of geopolitical conflicts have all made the foreign trade situation very serious.
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.
According to a report of the International Monetary Fund, about 3000 restrictive trade measures were implemented globally in 2023, a significant increase over the 1100 measures in 2019. The World Trade Organization predicts that the volume of global commodity trade will grow by 3.3% year-on-year this year, far below the historical average of 4.9%.
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.
Wang Wentao said that in the near future, in view of the difficulties and uncertainties faced by foreign trade, more support will be given to foreign trade enterprises in terms of strengthening financial service guarantee, trade promotion, and facilitating visa applications for business personnel.
Source: CHINA DAILY
Editor: Chen Dawei
Senior Editor: Min Jie
