How Will China Expand Its Share Of Exports To The Belt And Road Initiative In The Future

At present, emerging countries and regions jointly building the "Belt and Road", such as ASEAN, Russia, Latin America, Africa and the Middle East, have frequent trade exchanges with each other. How will China expand its export share to these markets in the future?

For countries co-building the "Belt and Road", China does not necessarily have to completely increase its market share. The increase in market share is mainly seen from two perspectives. First, the share of these regions in China's import and export trade will continue to increase in the future. This is because the trade interdependence between China and these countries has further strengthened, and the supply chains of both parties will also become They will be more unblocked and have more advantages in leveraging their respective strengths, which will be beneficial to the increase in bilateral trade dependence, and will gradually expand the proportion of trade between these countries and China in China's foreign trade. On the other hand, China's trade with these countries is not to increase its market share in these countries, but to consider that the countries co-building the "Belt and Road" are affected by a single trade structure and have moderate development and diversified needs. China and these countries The country's trade is not to pursue unlimited expansion of its proportion in imports and exports, but to further leverage its respective advantages and form mutual cooperation in the industrial chain. At the same time, it can also enhance the position of these countries in the global industrial value chain. Along with the improvement in the industrial value chain, the trade capabilities and added value of these countries will increase. This is a new feature of China's trade development with these countries co-building the "Belt and Road".

The first is to further strengthen infrastructure investment and construction in countries jointly building the "Belt and Road", which will help increase export opportunities to these countries and improve China's international image; the second is to continue to promote investment and trade liberalization and facilitation The third is to promote the continuous transformation and upgrading of export products to improve the brand awareness and reputation of products and expand overseas markets; the fourth is to promote the growth of bilateral trade through the continuous reduction of tariffs, lowering trade barriers, and improving customs clearance efficiency. Continuously innovate export products and technologies, and develop new products and technologies that are more suitable for local market needs, thereby expanding export market share; fifth, continue to innovate trade methods, use the Internet and e-commerce platforms to expand sales channels, and improve the internationalization of Chinese enterprises , promoting Chinese products and services to the global market.

Since 2013, the total import and export volume between China and the countries co-building the "Belt and Road" has exceeded US$126 trillion. In 2023, the import and export scale between China and co-building countries will reach 19.47 trillion yuan, a year-on-year increase of 2.8%, accounting for 46.6% of China's total foreign trade value. Both the scale and proportion are the highest levels since the initiative was proposed. Looking at specific countries and regions, trade between China and ASEAN will account for 44.75% of the "Belt and Road" trade in 2023. ASEAN remains an important region for "Belt and Road" trade. China's trade with Central Asia and the CIS countries has grown rapidly, and bilateral trade with Russia has increased by 26.3%. Russia has also surpassed Vietnam to become China's largest trading partner among the countries jointly building the "Belt and Road".

In order to further expand the market share of the "Belt and Road Initiative", first, we must build a higher-level open economic system and comprehensively improve the level of openness on the basis of fruitful results; second, we must continue to promote infrastructure construction and strengthen the Digital Silk Road as a represents the level of interconnection and digitalization; the third is to build an interdependent international industrial chain, enhance the product innovation capabilities of Chinese enterprises, and promote the formation of a new domestic and international dual-circulation development pattern; the fourth is to enhance supply chain cooperation to a new level and further enhance China-Europe freight trains. Transportation efficiency, accelerating the construction of new international land and sea trade channels, and discussing more working mechanisms in investment cooperation, service trade and other aspects with co-building countries to ensure the stability and smoothness of the "Belt and Road" supply chain; fifthly, strengthen international economic cooperation and exchanges , actively participate in cooperation and exchanges in international multilateral mechanisms, deepen cooperation in green, digital and other fields, and jointly respond to global challenges and issues.