The Combination Punch Of Policies Continues To Pay Dividends, And Foreign Trade Stabilizes And Improves Throughout The Year
Foreign trade is one of the driving forces for a country or region's economic growth. The latest data released by the General Administration of Customs shows that in November this year, my country's total import and export value of goods trade was 3.7 trillion yuan, a year-on-year increase of 1.2%. Among them, exports were 2.1 trillion yuan, an increase of 1.7%; imports were 1.6 trillion yuan, an increase of 0.6%.
Throughout the whole year, my country's trade in goods has shown an obvious upward trend of stabilization, especially the recent growth in import and export measured in RMB, which has picked up for four consecutive months, with positive growth achieved in October and November. Among them, exports have turned from a year-on-year decrease to an increase since August, and the growth rate has continued to expand. In November, export volume increased by 12%, reaching the peak since the second quarter; at the same time, import trade volume has maintained positive growth for 10 consecutive months. China's foreign trade has seen a steady and positive trend further consolidated.
Chen Jianwei, a professor at the National Institute of Opening-up at the University of International Business and Economics, told a reporter from Securities Daily that in general, my country's foreign trade has maintained steady growth amid increasing global uncertainty and high inflation in developed countries that limits consumer demand. Structural optimization, cross-border e-commerce exports and the promotion of the "Belt and Road" initiative have demonstrated positive development trends and new growth highlights.
Stable scale, optimized structure and improved quality
Frequent "combination punches" of policies from various localities and departments
On March 2, the Ministry of Commerce stated at a series of press conferences on the theme of "Authority Departments Start Talking" held by the State Council Information Office that this year's foreign trade must stabilize the scale and optimize the structure. In terms of scale stabilization, the focus is on three tasks: stabilizing policies, stabilizing markets, and stabilizing trade channels. Optimizing the structure also focuses on three aspects: first, optimizing trade methods, second, optimizing the layout of foreign trade supply chains, and third, optimizing product structure and cultivating new momentum for trade.
Against this background, various departments across the country have actively launched policy "combinations" to lay a solid foundation for stabilizing foreign trade this year.
In April, the General Office of the State Council issued the "Opinions on Promoting a Stable Scale and Optimized Structure of Foreign Trade", which clearly stated that we should strengthen trade promotion to expand markets, stabilize and expand the import and export scale of key products, increase fiscal and financial support, accelerate innovative development of foreign trade, and optimize foreign trade. Development environment and other five major aspects of policies and measures, and encourage localities to introduce supporting support policies according to local conditions to enhance policy synergy. In October, in order to help companies explore international markets, the Ministry of Commerce released the "Country Trade Guide" for the first time during the 134th Canton Fair. In December, the General Office of the State Council issued the "Several Measures on Accelerating the Integrated Development of Domestic and Foreign Trade", which introduced 18 specific measures from five aspects.
At the same time, various places are also frequently coming up with practical and new strategies. For example, Zhejiang Province issued "Several Measures to Expand the Market, Increase Orders and Stabilize Foreign Trade", proposing 33 measures focusing on fully exploring growth, stabilizing inventory, and strengthening guarantees, and continued to make efforts in areas such as exhibition support and financial credit insurance.
"A series of policy measures have provided timely relief, solved difficulties, and provided effective assistance, which has stabilized a considerable number of foreign trade companies and increased their motivation." Song Xiangqing, deputy dean of the Institute of Government Management of Beijing Normal University and director of the Industrial Economics Research Center A reporter from Securities Daily said that there are three specific points that stand out. First, policy support is blooming in many aspects, from taxation to credit, from reducing costs to simplifying processes. Second, it is to help open up new markets, especially to promote cooperation with the "Belt and Road Initiative". "To jointly build the country's trade exchanges, the development of foreign trade enterprises has multiple points of support; third, we implement targeted services for the export business of high-tech, high value-added products, large-scale and bulk industrial products, one case, one policy, and the efficiency and effectiveness of foreign trade business are improved. Increase.
According to Wang Qing, chief macro analyst of Oriental Jincheng, an important reason why my country's foreign trade has remained stable overall this year is that various departments in various places have introduced policies to stabilize foreign trade. Judging from the data, my country's cross-border e-commerce and new energy vehicle exports have grown rapidly this year. In the first 10 months, my country's exports to the "Belt and Road" countries accounted for 46.5%, significantly higher than last year's 32.9%. This also shows that my country's export market structure has been further optimized and its ability to withstand external shocks has been significantly enhanced.
Join RCEP to expand foreign trade "circle of friends"
Promote trade and investment liberalization and facilitation
The ever-expanding "circle of friends" is an important support for the stable scale and optimized structure of my country's foreign trade. Since the beginning of this year, foreign trade companies have continued to increase their enthusiasm for exports relying on free trade agreements.
"Multilateral and bilateral trade cooperation is releasing the potential for trade growth." Chen Jianwei said that for example, China has actively joined the Regional Comprehensive Economic Partnership Agreement (RCEP), which has greatly enhanced the integration of China and ASEAN markets and brought benefits to Chinese foreign trade enterprises. Come to more development opportunities. What is gratifying is that on June 2 this year, RCEP came into full effect for 15 member states. Institutional dividends such as tariff concessions, simplified customs clearance, and trade facilitation not only enhance the competitiveness of my country's foreign trade enterprises, but also undoubtedly open up new space for trade growth in related countries.
Data is the best proof. Authoritative data released by the China Council for the Promotion of International Trade shows that from January to September, the total amount of RCEP certificate of origin visas issued by the national trade promotion system was US$5.478 billion, a year-on-year increase of 10.10%; the number of visas totaled 159,500, a year-on-year increase of 47.15%.
The China Council for the Promotion of International Trade stated that as RCEP comes into full effect for 15 member countries, policy dividends are being continuously released, and the ability and level of my country's foreign trade companies to take advantage of RCEP's benefits are constantly improving.
The reporter learned from Tianjin Customs that from January to November 2023, Tianjin Customs issued 4,700 RCEP certificates of origin for Tianjin export enterprises, a year-on-year increase of 23%, involving a goods value of 1.88 billion yuan, helping export products to strengthen their presence among RCEP members. country's market competitiveness.
Today, our country continues to expand its global network of high-standard free trade zones. At the 6th China International Import Expo, Premier Li Qiang proposed in his keynote speech that China should actively promote China's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA).
The Ministry of Commerce revealed on November 9 that regarding the CPTPP, China has conducted an in-depth and comprehensive analysis, research and evaluation of all provisions of the agreement, sorted out the reform measures and revised laws and regulations that may need to be taken, and has carried out conditional free trade trials. The District and the Hainan Free Trade Port have taken the initiative to compare and pilot trials; regarding DEPA, China is having in-depth exchanges with members on issues related to the agreement. It has held 2 ministerial-level meetings, 3 chief negotiator meetings and 3 technical consultations. The overall progress is positive. . At the same time, many places in China are actively connecting with DEPA and exploring practical cooperation in related fields with members.
"China looks forward to joining CPTPP and DEPA as soon as possible, and is willing to work with all parties to actively promote regional economic integration and trade and investment liberalization and facilitation." said He Yadong, spokesperson of the Ministry of Commerce.
Cultivate new momentum to consolidate the fundamentals
Solid advancement of high-quality foreign trade development is expected
Entering the fourth quarter, the positive factors for my country's foreign trade development continue to increase, and the stable and positive development trend continues to be consolidated. This has laid a good foundation for the continued recovery of China's economy.
Song Xiangqing believes that with the orderly "launching" of policies to stabilize foreign trade in different periods and industries, the iterative upgrading of foreign trade import and export products, and the gradual cultivation of new foreign trade momentum, this year my country's foreign trade import and export has embarked on a new development path of breakthrough and growth in adverse circumstances.
Chen Jianwei said that with the decline of inflation in developed countries and the economic recovery of emerging market countries in the future, stable market demand growth will provide new opportunities for the development of my country's foreign trade; however, the uncertainty of trade disputes and trade frictions will also bring challenges to the development of my country's foreign trade. Come to pressure and challenge.
The Central Economic Work Conference held recently proposed expanding high-level opening up to the outside world, emphasizing that "we must accelerate the cultivation of new drivers of foreign trade, consolidate the basic foreign trade and foreign investment, expand intermediate goods trade, service trade, digital trade, and cross-border e-commerce exports" and "provide support The implementation of the eight actions of high-quality joint construction of the 'Belt and Road', and the overall promotion of major landmark projects and 'small but beautiful' livelihood projects." This points out the direction for foreign trade work in the future period.
According to Chen Jianwei, in the next stage, stabilizing foreign trade will focus on expanding diversified markets, optimizing trade structure, improving trade facilitation, and strengthening international industrial chain and supply chain cooperation.
"As the world's largest trading country, it is a high probability that my country's exports will accelerate next year." Wang Qing believes that judging from the deployment of the Central Economic Work Conference, foreign trade companies will still face a favorable policy environment in 2024, and the development of new foreign trade formats and new drivers will Get stronger policy support. In addition, next year, my country is expected to strengthen foreign trade cooperation with the countries co-building the "Belt and Road", including signing new trade facilitation agreements, negotiating the construction of free trade zones, implementing tariff reductions, etc., coupled with the further release of RCEP dividends, my country and the "Belt and Road" will be in 2024. The trade volume of countries jointly building "One Road" will maintain a rapid growth momentum. Next year, my country's foreign trade is expected to expand in scale and improve quality and efficiency.
Song Xiangqing suggested that comprehensive use of fiscal, taxation, credit and other measures should further stimulate the vitality of foreign trade companies and enhance their enthusiasm and initiative to expand the international market. At the same time, we will continue to promote the linkage of diplomacy, foreign trade, foreign exchange and other policies to open up a green channel for high-quality and sustainable development of foreign-related business.
"The next 'China' will still be China"! This is the recent firm confidence of business friends from various countries in China's development prospects. Similarly, regarding China's foreign trade and China's economy, we ourselves have reason to believe that with the solid and orderly advancement of high-quality development of China's foreign trade, the sustained and healthy development of our country's economy in the future is fully expected.