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China rolls out multi-pronged measures to promote stable growth of foreign trade

2022-02-18 08:32:50 Belt and Road Portal

A series of preferential policies to stabilize foreign trade have been introduced successively since the beginning of this year.

A series of preferential policies to stabilize foreign trade have been introduced successively since the beginning of this year.

Some experts noted that China's proactive deployment and implementation of relative policies will stabilize expectations of foreign trade and consolidate confidence of all stakeholders.

On the whole, China's foreign trade is able to buck the trend to make a stable beginning this year. More policies may be issued on promoting the innovative development of foreign trade and the construction of foreign trade transformation and upgrading bases to ensure stable volume and better quality of foreign trade throughout the year.

-- Policy toolkits

After a "bumper harvest year" of foreign trade in 2021, the industry insiders are clearly aware that it would be more challenging to maintain the momentum of rapid growth this year.

On the one hand, the resurge of the COVID-19 pandemic has hindered the global economic recovery and the growth of trade in goods may slow down worldwide.

The latest WTO statistics show that the growth rate of global trade in goods will decline from 10.8 percent in 2021 to 4.7 percent this year. The unbalanced recovery leads to a rise of global systematic risks, and the quick withdrawal of stimulus policies of a few countries may result in shrinking demand and volatile price, which will in turn affect the export of relevant sectors in China.

On the other hand, in the context of accelerated restructuring, the disruption and bottleneck effect of global supply chain cannot be completely eliminated in the short term. China's foreign trade enterprises, especially those medium, small and micro-sized ones, will be confronting with surging composite cost and increasing operational risk and burden.

As pointed out by Ren Hongbin, vice minister of the Ministry of Commerce, China's foreign trade situation remains complex and challenging in 2022. As more unstable and volatile factors emerge, both the supply and the demand will be under huge pressure and need to overcome "a big gap".