“China faces numerous challenges in maintaining foreign trade growth due to an increasingly complex and challenging external environment, including rising uncertainty and geopolitical risks…”
Beijing (MidLand) – A Chinese customs official said on Tuesday (30/7) that China’s foreign trade will maintain stable growth despite disruptions due to various external factors.
China’s General Administration of Customs (GAC) spokesperson Lyu Daliang said that the country’s foreign trade volume reached a new high in the first half of this year, a hard-won achievement that provides a solid foundation for further development.
According to GAC data, China’s goods trade volume increased by 6.1 percent year-on-year (YoY) to 21.17 trillion yuan or about 2.97 trillion U.S. dollars in January-June 2024, while exports and imports increased by 6.9 percent and 5.2 percent, respectively.
Lyu said that China’s cross-border e-commerce trade volume reached 1.22 trillion yuan in the first half (H1), up 10.5% (year-on-year). This is driven by a series of supporting policies, including the establishment of pilot zones for the development of cross-border e-commerce and facilitating customs clearance.
According to Lyu, China will face several challenges in maintaining foreign trade growth in the future due to an increasingly complex and challenging external environment, including rising uncertainty and geopolitical risks.
Unilateral and protectionist actions by some countries have had a more pronounced impact on global industrial and supply chains, while disruptions in maritime transport and increases in cargo rates amid the Red Sea tensions have also added pressure on foreign trade companies with higher costs, Lyu said.
Lyu expressed confidence in the long-term growth of China’s foreign trade, which he said will be supported by favorable factors, including China’s huge domestic market, complete industrial system and supportive policies from the Chinese government.
To consolidate the momentum of improving foreign trade, Lyu said that GAC will continue to ensure the implementation of a series of policies, encourage the growth of intermediate goods trade, support the import of advanced technology and equipment and key components, while promoting the development of cross-border e-commerce and other new forms of business.
Lyu said China will further simplify customs clearance procedures and improve services to support the development of cross-border e-commerce.
The GAC official further revealed that the Chinese government will closely monitor changes in the situation, strengthen policy options to improve customs clearance, and help ease the burden on companies.
Journalist: Xinhua
Editor: Atman Ahdiat
Copyright © MidLand 2024
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