General

At a press conference held by the Ministry of Commerce on June 15th, regarding the significant pressure on China's international trade exports since the beginning of this year, spokesperson Shu Jueting stated that overall, China's international trade exports are facing both challenges and opportunities this year. The Ministry of Commerce is working with various local and relevant departments to focus on four aspects of work and fully implement policies and measures to promote stable scale and optimal structure of foreign trade.

According to customs data, China's international trade imports and exports in May reached 3.45 trillion yuan, an increase of 0.5%. Among them, exports reached 1.95 trillion yuan, a decrease of 0.8%.

From the perspective of challenges, international trade exports face significant external demand pressure. "Shu Jueting said that the World Trade Organization expects global trade in goods to grow by 1.7% this year, significantly lower than the average level of 2.6% in the past 12 years. Inflation levels in major developed economies are still relatively high, and continuous interest rate hikes have suppressed investment and consumer demand, resulting in consecutive months of year-on-year decline in imports. Affected by this, the exports of South Korea, India, Vietnam and Taiwan, China have all declined significantly in recent months, and the exports to markets such as the United States and Europe have been sluggish.

From the perspective of opportunities, Shu Jueting said that China's international trade export market has more yuan, more diverse products, and more diverse formats. Especially, the vast number of foreign trade entities are exploring and innovating, actively responding to changes in international demand, striving to cultivate new competitive advantages, and demonstrating strong resilience.

Shu Jueting revealed that currently, the Ministry of Commerce is working together with various local and relevant departments to fully implement policy measures to promote stable scale and optimal structure of foreign trade, focusing on four aspects of work: first, strengthening trade promotion. Increase support for foreign trade enterprises to participate in various overseas exhibitions, and continue to promote smooth communication between enterprises and business personnel. Successfully hold key exhibitions such as the 134th Canton Fair and the 6th Import Expo. The second is to optimize the business environment. Increase financial support for foreign trade enterprises such as financing and credit insurance, further improve the level of customs clearance facilitation, and break through bottlenecks. The third is to promote innovative development. Actively develop the "cross-border e-commerce+industrial belt" model to drive cross-border e-commerce B2B exports. The fourth is to make good use of free trade agreements. Promote the high-level implementation of free trade agreements such as RCEP, improve public service levels, organize trade promotion activities for free trade partners, and improve the comprehensive utilization rate of free trade agreements.

In addition, we will continue to track and understand the difficulties, challenges, and demands and suggestions faced by foreign trade enterprises and industries, and continue to help enterprises reduce costs and increase efficiency, promoting stable development, "said Shu Jueting. (Translated from: International Business Daily)