Increase in foreign trade on stable ground

According to Commerce Minister Wang Wentao, China is optimistic that it can maintain the strong foundations of international commerce, even in the face of uncertainty and a complex global economic climate. Exports are moving up the value chain, while imports provide more chances. At a press conference held in conjunction with the annual session of the nation’s upper house of parliament, Wang stated that encouraging indicators had surfaced as China’s international trade sector had continued to rise during the first two months of the year. He said that a lot of businesses are traveling overseas to attend trade exhibitions and increase their market presence.

Stronger industrial bases, an abundance of resources, and improved innovation capacities all contribute to the growth of international trade by facilitating the export of more items with higher added values. Meanwhile, import opportunities have increased as a result of China’s aggressive commitment to further opening up its markets, according to Wang. But he also noted that the gravity of the international trade position has been exacerbated by elements including slow global economic growth, increased trade protectionism, and escalating geopolitical tensions. Around 3,000 trade restrictions were put into place worldwide in 2023, according to an IMF estimate. This is a considerable rise from the 1,100 restrictions that were in place in 2019.

The World commerce Organization has projected that the volume of global merchandise commerce will expand by a pitiful 3.3 percent this year over last, a far cry from the historical average of 4.9 percent. In the short term, Wang stated that the country’s efforts to address the challenges and uncertainties faced by the foreign trade sector include bolstered financial services for foreign trade, ongoing support of trade shows, and the streamlining of the business visa application process. In the medium and long run, China’s main priorities are to generate fresh forces for international commerce and advance superior industry growth.