Promote stable scale and optimal structure of foreign trade

The General Office of the State Council recently issued the Opinions on Promoting the Steady Scale and Excellent Structure of Foreign Trade, which pointed out that foreign trade is an important part of the national economy. Promoting stable scale and structural optimization of foreign trade plays an important role in supporting steady growth, stable employment and high-quality development.

Since reform and opening up, China has continued to promote opening-up and is now a major trading partner of more than 140 countries and regions, ranking first in the world in terms of total trade in goods, and leading the world in attracting foreign investment and outbound investment. China has formed a broader and deeper pattern of opening-up, which has played a positive role in improving the quality of national economic development and stabilizing global economic growth.

Since the outbreak of COVID-19, China has made full use of its advantages to stabilize the global industrial chain and supply chain, and increased exports of epidemic prevention and control materials, making positive contributions to global epidemic prevention and control and economic growth. China’s foreign trade has also shown strong resilience. Since mid-2022, affected by factors such as sluggish external demand, China’s foreign trade has once faced greater downward pressure in the context of the sluggish global foreign trade. With the resumption of normal operation of China’s economy and society and the enhancement of supply capacity, China’s foreign trade has also begun to gradually improve. The monthly growth rate of imports and exports in dollar terms has been positive since February 2023 after four consecutive months of negative growth starting from October 2022.

In the long run, our country foreign trade development potential is bigger. China’s foreign trade activities not only has a strong strength, but also has a strong flexibility, can adjust in time according to the international trade situation and the changing needs of trade partners, and quickly meet the value of trade partners. At present, China’s economic growth is better than expected, and market demand has gradually recovered, but the internal impetus of the domestic economy is not strong, and demand is still insufficient. While striving to expand domestic demand, we also need to tap the potential of external demand and strive to stabilize the scale and optimize the structure of foreign trade.

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