A ship waits to load China-made cars for export at a berth of the Port of Lianyungang, Jiangsu Province in east China, on September 7(XINHUA)
Besides bringing the novel coronavirus disease (COVID-19) under control and ensuring socioeconomic development, China has stepped up macro policy response to ensure the stability of its foreign trade. A series of measures have been carried out to promote foreign trade, such as streamlining procedures at customs, expanding enterprises' credit scale, enhancing the capacity of the China Railway Express to Europe that has become a major catalyst for China-Europe trade, and helping enterprises resume production.
There is also a focus on cultivating new momentum in foreign trade, such as the introduction of incentives for cross-border e-commerce. In the first three quarters this year, China's imports and exports through the customs cross-border e-commerce management platform reached 187.39 billion yuan ($27.97 billion), a year-on-year increase of 52.8 percent.
As a result, imports and exports stabilized quarter by quarter, and the cumulative growth rate turned from negative to positive. According to customs data, China's foreign trade in goods in the first three quarters reached 23.12 trillion yuan ($3.45 trillion), up by 0.7 percent year on year. The total value of imports and exports reached a quarterly record high in the third quarter.
Data from the World Trade Organization show that China's foreign trade accounted for 12.6 percent of global trade in the first seven months this year, up 1 percentage point from the same period last year. Both exports and imports hit a record high share in global trade.
With the COVID-19 pandemic still unchecked around the world, the world economy is in serious recession. The international environment is becoming more and more severe and complex, with greater uncertainty and instability. Despite this, China has continued to maintain its sound foreign trade development momentum through a combination of supporting policies.
This is an edited excerpt of an article originally published in Cqnews.net on October 26
(Print Edition Title: Keeping Foreign Trade Buoyant)