Ministry of Commerce: Confidence and Capacity to Continue Promoting Stable Volume and Improved Quality in Foreign Trade

A reporter asked: Data shows that in the first seven months of this year, China's total import and export value of goods trade reached 25.7 trillion yuan, a year-on-year increase of 3.5%. Exports amounted to 15.3 trillion yuan, growing by 7.3%. What do you think are the reasons for China's sustained high growth in foreign trade under the current international situation? What are your expectations for the foreign trade situation for the entire year?

First, policies are robust. Since the fourth quarter of last year, the Ministry of Commerce, together with relevant departments, has thoroughly implemented the decisions and deployments of the Central Committee of the Communist Party and the State Council, rolling out multiple rounds of policies to stabilize foreign trade. These policies continuously strengthen support in cultivating new drivers for foreign trade, enhancing public services, and helping foreign trade enterprises stabilize orders and employment. All departments and regions have deeply coordinated and fully implemented these policies, ensuring that foreign trade enterprises "enjoy all due benefits." Taking finance as an example, in the first seven months, Sinosure underwrote $573.5 billion in short-term insurance, a year-on-year increase of 14.7%; the Export-Import Bank of China newly issued over 700 billion yuan in loans for the foreign trade sector.

Second, cooperation is diversified. We continue to expand mutually beneficial cooperation with more trading partners. In the first seven months, imports and exports to emerging and other markets grew by 5%, accounting for 65.5% of the total, an increase of 0.9 percentage points year-on-year. Among them, imports and exports to ASEAN and Africa grew by 9.4% and 17.2%, respectively, both significantly higher than the overall growth rate. Imports and exports to Belt and Road Initiative partner countries grew by 5.5%, accounting for 51.7% of the total.

Third, momentum is unleashed. The upward and innovation-driven momentum of foreign trade has been further consolidated. In the first seven months, exports of mechanical and electrical products grew by 9.3%, accounting for 60% of the total, an increase of 1.1 percentage points year-on-year. High-tech and high-value-added products such as smart home appliances, electric vehicles, industrial robots, and ships maintained high export growth rates. Foreign trade enterprises have risen to the challenge, adapted and innovated, seeking new markets, developing new products, and exploring new channels. In the first seven months, the number of foreign trade enterprises with actual import and export performance reached 654,000, nearly 90% of which are private enterprises.

At present, global economic and trade development still faces significant uncertainties. Several international organizations have pointed out that tariff barriers significantly increase global trade costs, severely affecting the efficiency and stability of global production and supply chains, and global trade still faces downward risks. We will always adhere to expanding high-level opening up, steadfastly focus on our own affairs, and address various uncertainties with the certainty of high-quality development. We have the confidence and capacity to continue promoting stable volume and improved quality in foreign trade, and to work with more trading partners to address challenges and share development opportunities.