General

On November 7, the General Administration of Customs released data showing that in the first 10 months of this year, the total value of China's international trade imports and exports was 34.62 trillion yuan, an increase of 9.5% over the same period last year. How to view this hard won achievement? The proportion of private enterprises has increased, and the performance of mechanical and electrical products is outstanding. What other data are worth analyzing? And behind the data, how can China's international trade market meet the challenges?

How did China's foreign trade perform in the first ten months?

As one of the "troikas" driving economic growth, what speed and way will China's foreign trade move forward in 2022? On November 7, the General Administration of Customs released the latest data. In the first 10 months of this year, the total value of China's international trade imports and exports was 34.62 trillion yuan, an increase of 9.5% over the same period last year. What changes are taking place in China's foreign trade structure behind the data? In the first ten months of this year, what are the highlights of boosting foreign trade growth? Click on the video to learn more ↓

How to view the performance of China's foreign trade in the first ten months?

In the first 10 months, China's international trade import and export increased by 9.5% year on year, with a total import and export value of 34.62 trillion yuan, including 19.71 trillion yuan of export, an increase of 13%; Imports reached 14.91 trillion yuan, an increase of 5.2%. How do you view such data performance?

Zhang Yansheng, Chief Researcher of China Center for International Economic Exchanges: Behind these two data, we can see a series of data supporting them. First, in the first 10 months of this year, the growth rate of China's automobile exports was 72%; Second, from the perspective of market theme, the import and export of our private enterprises reached 17.44 trillion yuan, an increase of 14.4%; Third, in the first 10 months, China's general trade import and export amounted to 22.09 trillion yuan, an increase of 13.3%; Fourth, ASEAN, our largest trading partner, increased by 15.8%; Fifth, the export of traditional advantages, textile, clothing, bags, shoes, hats, toys and labor-intensive products increased by 11.2%. The growth of these five figures is more than 10%. Therefore, the high-quality development of China's foreign trade should have achieved initial results.

How do you view the slowdown of China's foreign trade growth in the past three months?

If we look at the changes in the data on a monthly basis, it reached a peak of 16.6% in July, 8.6% in August, 8.3% in September, and 6.9% in October. Why has the growth of China's foreign trade slowed down in the past three months?

Zhang Yansheng, Chief Researcher of the China Center for International Economic Exchanges: In fact, the data in February began to grow from nearly zero, and has recovered to 14.3%. In July, the domestic economy began to fall generally in terms of leading indicators, but the total import and export volume of foreign trade in July increased by 16.6% year on year, a high point. Since July, with the fluctuation of the domestic economy and the contraction of foreign demand, the growth rate of import and export dropped to 8.6% in August, 8.3% in September and 6.9% in October. We can see that China's foreign trade has also been affected by the sharp increase in interest rates in the United States and some major countries in the world. For example, the United States has raised interest rates six times, and the four consecutive interest rate hikes are all 75 basis points. From this perspective, foreign trade since July this year has been greatly affected by foreign demand.

How to view the weight of private enterprises and foreign investment in foreign trade?

In the first 10 months, the import and export of international trade of private enterprises increased by 14.4%, accounting for 50.4% of China's total foreign trade value; Over the same period, the import and export of foreign-invested enterprises increased by 1.5%, accounting for 33.4% of China's total foreign trade value. What do you think of these two sets of data?

Zhang Yansheng, Chief Researcher of China Center for International Economic Exchanges: These two sets of data are very worthy of attention and in-depth analysis. Private enterprises have accounted for less than 10% of imports and exports in the past, but now they have reached 50%. In this year's external demand situation, the growth rate can be maintained at 14.4%, and the proportion of total foreign trade value exceeds 50%. I think this is a very important achievement of reform and opening up and promoting the high-quality development of our economy and foreign trade. On the other hand, foreign investment has increased by 1.5%, accounting for one third of the total investment, down from half of the total investment in the past. As we can see, the proportion of foreign investment in manufacturing fell below 20% last year, to 19.4%. Foreign capital is affected by geopolitics, and the growth of efficiency driven foreign capital has actually slowed down. So in the next step, we should attach great importance to the work of stabilizing foreign trade, stabilizing foreign investment and improving the investment environment. In addition, in terms of trade mode, the most important trade mode to promote China's market-oriented reform in the past was processing trade. However, in the first 10 months of this year, the growth rate of import and export of processing trade has dropped to 3.2%, and its proportion has dropped to 20%. The main body of processing trade is not only foreign-funded enterprises, but also our Taiwan, Hong Kong and Macao enterprises. Therefore, I think it is very important for Taiwan, Hong Kong and Macao enterprises and foreign investment enterprises to change their expectations, enhance their confidence, and change their prospects for the future development of China's economy. It is important to retain foreign capital and take root in China.

Constantly expand imports to better meet diversified needs

How can the 5th China International Fair turn "exhibits" into "commodities" in the Chinese market as soon as possible? What's new about the newly established special area for exhibitors to become investors? Not long ago, what does it mean to set up 29 national import trade promotion innovation demonstration zones? Click on the video to learn more.

Enter the Expo to better meet the new needs of the people

No matter what changes have taken place in the external environment, what is the driving role of the Expo when we continue to carry out this kind of high-level, high-quality, and can gather the best companies and exhibits in the world?

Zhang Yansheng, Chief Researcher of China Center for International Economic Exchanges, said that China's next step in promoting the strategy of expanding domestic demand is to meet the people's needs for a better life. In this case, expanding domestic demand has also generated a huge demand for global high-quality goods, services, resources and elements. This demand includes not only high-tech products, but also high-end services, as well as some products closely related to people's lives. From this perspective, the Import Expo, as a window and platform, can really participate in the process of China's high-quality development and truly meet the needs of the Chinese people for a better life. So from this perspective, I think China International Import Expo is a very, very meaningful activity.