General

On the 18th, the State Council Office held a press conference, where Fu Linghui, spokesperson for the National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, introduced the operation of the national economy in the first quarter of 2023. He stated that since the beginning of this year, China's international trade imports and exports have maintained sustained growth on the basis of last year's high base.

In the first quarter, the total import and export volume of international trade in goods increased by 4.8% year-on-year, with exports increasing by 8.4%, maintaining a rapid growth. In the context of a slowdown in global economic growth and significant external uncertainties, achieving such growth is very difficult. In the next stage, China's international trade import and export growth is facing certain pressure, mainly manifested in: firstly, weak global economic growth. According to the International Monetary Fund's forecast, the global economy is expected to grow by 2.8% in 2023, a significant decrease from last year's growth rate. According to the latest forecast of the WTO, the global commodity trade volume will increase by 1.7% in 2023, significantly lower than last year. Secondly, there is significant external uncertainty. Since the beginning of this year, inflation levels in the United States and Europe have been relatively high, and monetary policy has continued to tighten. Recently, some liquidity crises in banks in the United States and Europe have been exposed, exacerbating economic instability. At the same time, geopolitical risks remain, and the rise of unilateralism and protectionism exacerbates the instability and uncertainty of global economy and trade.

Despite facing pressure and challenges, China's foreign trade is characterized by strong resilience and abundant vitality. Under various policies to stabilize foreign trade, it is expected to achieve the goal of promoting stability and improving quality throughout the year. Firstly, China's industrial system is relatively complete, with strong market supply capacity and the ability to adapt to changes in external demand markets. Secondly, China adheres to expanding its opening-up and continuously expanding its foreign trade space. In the first quarter, China's import and export of international trade to countries along the "the Belt and Road" increased by 16.8%; Imports and exports to other RCEP member countries increased by 7.3%, with exports increasing by 20.2%. Thirdly, the growth of new driving forces in China's foreign trade is gradually showing its role in supporting foreign trade growth. Recently, at the press conference of the General Administration of Customs, it was also mentioned that the international trade exports of electric passenger vehicles, lithium batteries, and solar cells increased by 66.9% in the first quarter, and new foreign trade formats such as cross-border e-commerce also saw relatively fast growth. Overall, the policy of stabilizing foreign trade in the next stage will continue to show effectiveness, which is conducive to achieving the goal of promoting stability and quality in foreign trade throughout the year.