On January 14, 2022, the General Assembly of the Party Group of the Ministry of Trade was held in Beijing. The meeting proposed that "in order to promote the stable scale and structure of foreign trade optimization, more efforts will be made to attract and use foreign capital, foster new development points in international economic and trade cooperation, and steadily expand opening up."
Mingming, chief economist at CITIC Securities, told "Securities Daily" that the business cooperation is expected to be maintained and expanded given that China's exports to "Regional Economic Cooperation Agreement" (RCEP) member countries have grown rapidly since 2022. It will become one of the permanent means of expanding foreign trade and introducing foreign capital next year.
Contribute to the stable scale and optimal structure of foreign trade
In 2022, China's foreign trade import and export will withstand the influence of many unpredictable factors, and the scale will reach a new level and the quality will continue to improve. According to customs statistics, in 2022, the total import and export value of China's trade will reach 42.7 trillion yuan, an increase of 7.7% over 2021. Among them, the export value was 23.97 trillion yuan, an increase of 10.5%. Imports reached 18.1 trillion yuan, up 4.3%.
Lu Dalian, spokesman for the General Administration of Customs, said at a press conference held at the Information Office of the State Council on January 13 that there are currently three main drivers of foreign trade growth. First, there is the export market. The main products have sufficient competitive advantages. Second, it is supported by imports and has great domestic demand potential. Third, there is political support and the endogenous drive for foreign trade development is strong.
According to Mingming, due to the downward trend in external production and consumption demand in 2023, Korea's exports may register negative year-on-year growth, and the role of exports in China's real GDP growth will weaken. However, from a resource point of view, major foreign trade markets will continue to provide major support for economic growth.
Recently, foreign trade enterprises have been actively organized in various places, 'exiting' and 'inviting' foreign traders, and implementing various trade promotion measures, thereby expanding the market and increasing the credibility of foreign trade enterprises.
Xiao Benhua, deputy director of Shanghai Accounting and Finance University's Free Trade Zone Research Institute in Lixin, told Securities Daily that foreign trade stabilization policy should be more precise than foreign trade promotion in 2023. Stability of enterprises, reduction of burden on enterprises and diversification of markets start here, for example by further strengthening export tax rebate support.
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