General

China's global export trade share will increase to 16.2%

In recent years, with the accelerated pace of economic opening up, China's foreign trade "circle of friends" has expanded to more than 230 countries and regions. And in 2020, when the global industrial economy is hit, my country's industrial chain and supply chain will recover quickly, which is becoming one of the important driving forces for global economic and trade recovery.

According to official data, in the first five months of 2021, my country’s total import and export value was 14.76 trillion yuan (the same below), a year-on-year increase of 28.2%; of which, the total value of exports reached 8.04 trillion yuan, a year-on-year increase of 30.1%. In this regard, some analysts pointed out that China's merchandise exports have greatly satisfied the needs of many countries and are becoming a "stabilizer" of global economic and trade.

According to statistics from the World Trade Organization (WTO), in 2020, my country's annual merchandise export trade accounted for 14.7% of the world's total, a record high, and this increase is also the highest in the past 20 years.

It is worth mentioning that in 2021, my country's foreign trade is expected to continue to hand in a beautiful "answer sheet". According to the latest report on June 28, the research report issued by Western Securities predicts that my country's share in global export trade will increase from nearly 15% to 16.2% in 2021, and it will continue to maintain its advantage in export trade.

The report pointed out that two major factors are boosting the growth of my country's export trade. On the one hand, the global demand for materials has increased significantly; on the other hand, my country has quickly resumed work and production, and its competitiveness in the global industrial chain has also been improved.

China's GDP growth rate is expected to reach 8.5%

As the overall plan for the prevention and control of the new crown epidemic and economic and social development continue to show results, China's economy has maintained a stable recovery. The World Bank, many international rating agencies and professional media have made positive expectations for China's economic growth in 2021.

On June 29, a report released by the World Bank showed that the global economy is gradually picking up. Among them, China's economic recovery has been rapid. The economic growth rate is expected to reach 8.5% in 2021, which is an increase from the forecast in March this year. 0.4%. It can be seen that the World Bank has a more optimistic view of China's economy.

The international credit rating agency Fitch stated on June 28 that China's economy has entered a "mature stage" on the road to recovery. China's gross domestic product (GDP) growth rate will reach 8.4% in 2021 and 5.5% in 2022. Fitch also confirmed that China's sovereign credit rating is A+, and the rating outlook is stable.

S&P Global Ratings, another international credit rating agency, recently stated that in view of China’s effective control of the epidemic and rapid vaccination work, China’s real GDP will grow by 8.3% in 2021.

Bloomberg reported on the 28th that China's economy showed signs of a more balanced expansion in June, with a steady growth momentum. China's GDP growth rate is expected to reach 8.5% in 2021.

According to data from the National Bureau of Statistics of China, China's GDP grew by 18.3% year-on-year in the first quarter of this year. In 2020, China's GDP will grow by 2.3%, which is the first to achieve positive growth among the world's major economies.

China's foreign trade will continue to grow

At the beginning of 2021, China has introduced even more powerful measures to reduce import tariffs. Not only is the applicable provisional tax rate lower than the most-favored-nation tax rate, but it also covers a wider range. At the same time of reducing taxes, the tax items were adjusted, involving 8,580 eight-digit tax items, making the tax items more compatible with China's industrial development and technological progress.

The recovery of the world economy is expected to drive trade growth, and the steady growth of the domestic economy also provides strong support for the development of foreign trade. But at the same time, we must also realize that there are many uncertainties in the epidemic situation and the external environment, and my country's foreign trade development still faces difficulties and challenges.

It is believed that with the acceleration of the formation of a new development pattern with the domestic big cycle as the main body and the mutual promotion of the domestic and international double cycles, the continuous advancement of high-level opening up, and the continuous formation of new international cooperation and new competitive advantages, the scale of my country's foreign trade import and export is expected to maintain in 2021. With growth, the high-quality development of foreign trade is expected to achieve new results.

The head of the Department of International Affairs of the Ministry of Commerce stated that, at present, China has completed the approval of the Regional Comprehensive Economic Partnership Agreement, that is, the RCEP Agreement, and has become the first country to ratify the agreement. Recently, Japan has also ratified the agreement. All member states of RCEP have stated that they will ratify the agreement before the end of this year and promote the agreement to enter into force on January 1 next year.