China’s Foreign Trade Is Very Likely to Grow in Second Half, Vice Minister of Commerce Says
Gao Ya
DATE:  Sep 28 2022
/ SOURCE:  Yicai
China’s Foreign Trade Is Very Likely to Grow in Second Half, Vice Minister of Commerce Says China’s Foreign Trade Is Very Likely to Grow in Second Half, Vice Minister of Commerce Says

(Yicai Global) Sept. 28 -- China is confident that the country’s foreign trade will achieve positive growth in the second half, despite depressed overseas demand, the vice minister of commerce said yesterday on the same day that the Ministry of Commerce rolled out a series of new measures to boost foreign trade.

The value of China’s imports and exports swelled 10.1 percent in the first eight months from the same period last year to CNY27.3 trillion (USD3.78 trillion), demonstrating the strong resilience and vitality of the country’s foreign trade, Wang Shouwen said during a press conference themed ‘policies that support the growth of foreign trade.’

The Ministry of Commerce is bringing out a raft of policies aimed at helping exporters fulfil agreements to further explore the international market, stimulating innovation-related vitality to spur trade and strengthening the guarantees needed for smooth and unblocked trade, he said.

Stalling overseas demand is the greatest uncertainty facing China’s foreign trade right now, Wang said. This is a result of cooling economic growth in major economies in Europe and North America. China’s exports expanded 11.8 percent in August year on year, a marked slowdown from July’s 23.9 percent, according to the latest figures.

China has issued a series of policies, covering everything from production and logistics to trade-related facilitation, since the start of the year, Wang said. The Ministry of Commerce has also released a “whitelist” to support major exporters.

In the latest measures, the ministry will help companies to participate in overseas exhibitions sponsored by the Chinese government, facilitate the guarantees needed for staff to travel to other countries to take part in exhibitions and business negotiations. It will also expand the scope of businesses that can take part in the online version of next month’s Canton Fair, the world’s largest trade fair, as well as extend the display period.

It will also support the growth of overseas warehouses for cross-border e-commerce companies and speed up the issuance of tax policies that facilitate e-retailers’ refunds and swaps of goods that are exported.

Editors:Shi Yi, Kim Taylor

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Keywords:   Ministry of Commerce,Foreign Trade