BEIJING: China’s foreign trade is expected to exceed $4 trillion in 2017,and the foundation for a rise in exports is solid, said industry insiders,China Securities Journal reported on Wednesday.
The foreign trade volume will expand in the first three months of thisyear, driven by steady global economy recovery and continuous boost of theBelt and Road Initiative.
A survey conducted by a management firm in Shanghai has indicated that morethan 70 percent of surveyed companies have reported more orders for goodsat the beginning of this year compared to the same period last year.
More orders were registered in the electronics and auto industries. Mostsurveyed enterprises believe they will meet more opportunities in 2018 than2017.
The China Import and Export Fair, regarded as the barometer of thecountry’s foreign trade, also shows signs of warming up.
According to statistics provided by the Ministry of Commerce, increaseswere witnessed in both the number of participating companies and deals madeduring the Fair held last autumn.
The recovery of foreign markets means rising demand for Chinese goods, someanalysts explained.The ministry made promoting exports while releasing positive importpolicies a task to bolster foreign trade in 2018 at the recently heldnational economic work conference.In addition, the recent announcement of cutting import tariffs has alsosent a positive signal of expanding imports, some industry insiders said.
Lowering import tariffs means more flowers on the brocade, but the finalresult depends on whether China’s economy can grow steadily and whetherthat growth will have spillover effects, said Bai Ming, the deputy directorof the Ministry of Commerce’s International Market Research Institute.
Economic institutions have predicted that China’s economy will remainstable in 2018, and to maintain that trend, real efforts should be made,Bai said.
The first China International Import Expo, scheduled in November this year,will be an effort to boost foreign trade, Bai added.