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China’s Foreign Trade Growth Eases in Second Half, May Slow Drastically Next Year, Minister Says
Xu Wei
DATE:  Aug 23 2021
/ SOURCE:  Yicai
China’s Foreign Trade Growth Eases in Second Half, May Slow Drastically Next Year, Minister Says China’s Foreign Trade Growth Eases in Second Half, May Slow Drastically Next Year, Minister Says

(Yicai Global) Aug. 23 -- China’s international trade growth, which hit a record high in the first six months, is cooling off in the second half as the one-off factors driving it recede. The situation could get worse next year, the country’s minister of commerce said today.

The impetus behind the surge in China’s imports and exports in the six months ended June 30, such as a large amount of orders for epidemic prevention materials and medical equipment, is fading, Wang Wentao said. The high baseline during the same period last year is also a factor behind the record growth, which jumped 27.1 percent to CNY18.07 trillion (USD2.8 trillion) over the period.

Amid challenges such as the appreciating Chinese yuan, rising transportation costs and higher prices for raw materials, MOFCOM will take measures to stabilize market players and orders to keep foreign trade stable, Wang said. It will focus on cross-cyclical regulation to keep growth within a reasonable range and prevent volatility, he added.

The ministry will promote cross-border e-commerce, support the export of high-tech, high-quality and high-value-added products, increase the overseas promotion of Chinese brands and ensure the smooth operation of China’s foreign trade industrial supply chains.

The MOFCOM will also encourage free trade agreements, so that China can be more deeply integrated into international economic cooperation, Wang added.

Editor: Kim Taylor

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Keywords:   MOFCOM,Trade