The steady growth in China's foreign trade not only reflects the resilience and vitality of the Chinese economy but also brings multiple benefits to the world, said a commentary published by China Media Group (CMG) on Wednesday.
An edited English-language version of the commentary is as follows:
Data released by the General Administration of Customs (GAC) on Wednesday showed that China's foreign trade has maintained steady growth with imports and exports expanding 6.2 percent year on year in the first seven months of this year.
China's goods imports and exports totaled 24.83 trillion yuan (about 3.46 trillion U.S. dollars) during the January-July period, up 6.2 percent in yuan terms from a year ago, official data showed.
China's foreign trade has not only increased in volume but also improved in quality. In the first seven months, exports of electromechanical products such as automatic data processing equipment and parts, integrated circuits, and automobiles grew by 8.3 percent, accounting for nearly 60 percent of the total export value. This indicates a continuous optimization of the trade structure and further demonstrates the country's innovative vitality.
The steady growth in China's foreign trade not only reflects the resilience and vitality of the Chinese economy but also brings multiple benefits to the world.
The foremost benefit is the opportunity presented by China's massive market.
According to a recent report by Yonhap News Agency, driven by semiconductor exports, South Korea's exports to China saw a significant increase in July, making China once again South Korea's largest export destination.
CNBC said that China's import performance in July "exceeded expectations".
Analysts believe that as China achieves high-quality development, the trends of personalized, diversified, and high-quality consumption are becoming stronger, which will be a significant driver for imports.
Furthermore, China's efforts to expand imports, and steadily and orderly increase market access for agricultural and food products will create more opportunities for countries to benefit from the Chinese market.
At the same time, China is developing new quality productive forces tailored to local conditions, bringing new growth drivers to the world.
This summer, "Made in China" products is shining brightly at the Paris Olympics, showcasing innovations such as football chips that can recognize actions 500 times per second, color-changing table tennis tables, and high-tech, eco-friendly mats used in judo and wrestling.
For a long time, China's foreign trade has played a positive role in maintaining the stability of global industrial and supply chains. Since the 18th National Congress of the Communist Party of China in 2012, China's foreign trade has increased by an average of 1.6 trillion yuan per year, equivalent to the annual total import and export volume of a medium-sized country.
By the end of July, the China-Europe Railway Express had operated over 10,000 trains this year, becoming a "steel camel caravan" for ensuring the stability of global production and supply chains.
Recently, the China Council for the Promotion of International Trade sent a delegation of entrepreneurs to the United States. The American business community generally expressed a desire to strengthen cooperation with China, emphasizing that trade should not be affected by geopolitical tensions.
In the face of rising protectionism, China has always adhered to the principles of "opening up", "building connections", and "setting up links", promoting the continuous and healthy development of global trade.
Today, opportunities are opening up for China to further deepen reform in an all-round way. The Third Plenary Session of the 20th Central Committee of the Communist Party of China made specific arrangements for deepening reforms in the foreign trade system.
Strengthening the coordination of trade policies with fiscal, financial, and industrial policies; advancing innovations in customs clearance, taxation, and foreign exchange regulations; and creating a favorable institutional environment for the development of new business models and formats - these measures will inject strong momentum into China's foreign trade.
The continued recovery and positive trend in the Chinese economy provide strong support for foreign trade.
Recently, a number of international organizations, including the International Monetary Fund, have raised their forecast for China's economic growth this year to over five percent, indicating that China remains a crucial engine of global economic growth.
Several international organizations believe that global goods trade has been in a moderate recovery range this year. However, geopolitical tensions, increasing trade restrictions, and intensified industrial policy competition among countries could have significant negative impacts on foreign trade.
Undaunted by challenges, China will continue to expand its opening-up, strengthen the foundation for sustained economic recovery and improvement, and maintain high-quality development and resilient foreign trade so as to bring more benefits to the world.
Steady growth in China's foreign trade to bring multiple benefits to world: commentary
Steady growth in China's foreign trade to bring multiple benefits to world: commentary
Steady growth in China's foreign trade to bring multiple benefits to world: commentary
