China's foreign trade grows 4.1 percent in first five months
By Du Haitao, People's Daily
In the first five months of this year, the total value of China's
import and export of goods reached 12.1 trillion yuan, up 4.1 percent
year-on-year. Exports were 6.5 trillion yuan and imports 5.6 trillion yuan,
increasing by 6.1 percent and 1.8 percent, respectively, according to China
Customs statistics.
China's import and export volume in May stood at 2.59 trillion yuan, an
increase of 2.9 percent. Exports grew by 7.7 percent to reach 1.43 trillion
yuan while imports were 1.16 trillion, down 2.5 percent.
China’s general trade rose rapidly and its proportion grew in the first
five months. China’s trade volume with the EU, its largest trading partner,
increased by 11.7 percent to 1.9 trillion yuan, and that with ASEAN, its second
largest trading partner, grew by 9.4 percent to 1.63 trillion yuan.
The United States is China’s third largest trading partner currently.
The China-US trade value went down by 9.6 percent to 1.42 trillion yuan,
accounting for 11.7 percent of China's total foreign trade.
Over the same period, China's trade volume with countries participating
in the Belt and Road Initiative increased by 9 percent to 3.49 trillion yuan,
4.9 percentage points higher than the overall pace.
The volume accounted for 28.8 percent of the total foreign trade value and
the proportion increased by 1.3 percentage points.
The import and export volume of private enterprises grew rapidly with a
rising proportion. Exports of electro-mechanical and labor-intensive products
maintained steady growth and imports of crude oil and natural gas grew in
volume.
A report on China’s foreign trade recently released by the Ministry of
Commerce pointed out China's foreign trade environment has become more
complicated and gained greater uncertainty since this year. But it should be
noted that there are many favorable conditions to support China's foreign trade
development.
The previous five months' statistics indicate that the foundation for high-quality
development has been further consolidated and the endogenous power for foreign
trade growth has continued to increase. In addition, new types of business
models are becoming a new driving force for the steady growth of foreign trade.
A more friendly business environment and stronger new economic drivers
in the future will better guarantee the high-quality development of China's
foreign trade.
Zhang Jianping, director of the Research Center for Regional Economic
Cooperation under the Ministry of Commerce, believes that in response to the
pressure and challenges, it is necessary to deepen supply-side structural
reform in the financial sector, so as to provide a more favorable business
environment for foreign trade enterprises.
Zhang said it is important to cultivate new growth points for foreign
trade by promoting trade and investment facilitation based on the trial
experience from pilot free trade zones. It is also necessary for China to
strengthen cooperation with BRI countries, in a bid to build a diversified
foreign trade market to accelerate foreign trade growth.
China's foreign trade grows 4.1 percent in first five months
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