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Reaching a Historical High, the Scale of China's Foreign Trade in the First 10 Months of 2021 has Exceeded the Total of Last Year

Source:Executive Committee Office

Date:2021.11.26

The Special Press Conference of the Ministry of Commerce held on November 24 officially revealed that China's total import and export volume from January to October this year was as high as USD 4.89 trillion, up 31.9% year-on-year, with the total scale surpassing that of last year and reaching a historical high. REN Hongbin, Vice Minister of the Ministry of Commerce, stated at the Press Conference that we are fully confident to achieve the objective and task of "stable quantity and rising quality" throughout the year.


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(Photo Credit: CFP.CN)

According to relevant data, it is indicated that China;s trading partners at the present stage are all over 230 countries and regions around the world, with the daily import and export volume exceeding USD 15 billion, that is, RMB 100 billion. While the scale has reached a historical high, the more optimized foreign trade structure also reflects the closer economic and trade ties between China and the whole world. For example, in the first half of this year, China's import and export share in the international market reached 14.6% and 12% respectively, both of which reached new highs in the same period.

REN Hongbin said that China's foreign trade has actually made increasingly prominent contributions to the national economy and the world economy since this year. In the first three quarters, the contribution rate of net exports of goods and services to GDP growth reached 19.5%, driving GDP growth by 1.9 %, which in turn effectively boosted economic growth. Additionally, in the first half of this year, the contribution rate of China's super-large market to global import growth reached 14.8%, which significantly promoted the recovery of the global economy and trade.

In the subsequent stage, on the basis of closely tracking the contemporary situation, the Ministry of Commerce will introduce a new round of policies and measures aimed at stabilizing foreign trade in a timely manner, further enhancing the key role of export credit insurance as well as doing a good job in the expansion of a new batch of cross-border e-commerce comprehensive pilot zones. At the same time, the Ministry of Commerce will constantly be committed to proactively building the digital pilot zone for global trade, cultivating a series of platforms including national processing trade industrial park, import trade promotion innovation demonstration zone and foreign trade transformation and upgrading base, so as to ensure the smooth implementation of foreign trade. Simply put, by virtue of the signed Free Trade Agreement (FTA), the Ministry of Commerce will elaborately ensure that major exhibitions, including the China Export Commodities Fair, China International Import Expo (CIIE), and China International Fair for Trade in Services (CIFTIS), etc., will be well held to guide enterprises to explore diversified markets.

With the theme "Towards Digital Future and Service Driven Development", the 2021 China International Fair for Trade in Services (CIFTIS) was held in China National Convention Center and Shougang Park from September 2 to 7. Focusing on the theme of "Towards Digital Future and Service Driven Development", this year's CIFTIS held exhibitions, forums, promotion negotiations and multilateral conferences covering all 12 major areas of service trade, which attracted more than 12,000 enterprises from 153 countries and regions to participate in the form of online and offline.


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In addition, this year's CIFTIS has built an exhibition area of 126,000 square meters in total and held 5 summit forums, a total of 200 events including forums, promotion negotiations and multilateral conferences, which attracted 7,364 domestic and foreign enterprises to participate in the form of online and offline. While a number of fruitful results have been achieved, the total number of results and transaction amount of this year's CIFTIS has exceeded that of the previous CIFTIS.

At this year's CIFTIS Global Service Trade Summit, General Secretary XI Jinping delivered an important video speech, profoundly expounding the important role of service trade in building a new development pattern, and putting forward 4 measures aimed at sharing the development opportunities of service trade and jointly promoting the recovery and growth of the world economy.

At the Service Trade Facilitation Summit Forum from the perspective of multinational corporations held during the CIFTIS, ZHANG Junkuo, Deputy Director of the Development Research Center of the State Council, declared that, with the goal of moderate prosperity in all respects achieved, China has embarked on a new journey towards building a modern socialist country and will be more proactive in promoting high-level opening up and facilitating trade in services. "The 14th Five-Year Plan" clearly puts forward that we will open up more sectors of the economy in a more thorough fashion to comprehensively improve the degree of opening-up and build a new system for a higher-level open economy. A series of new policies and measures have been introduced to promote the opening up of the service industry and the development of service trade this year. With the further optimization of regional opening patterns, the innovation of the key open platform systems has also made new progress. Meanwhile, the release of the "Best Practice Cases" of the pilot project of comprehensively deepening the innovative development of service trade also reflects the acceleration of the effectiveness of opening up.


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(Photo Credit: WeChat official account of China Thinktanks)

ZHANG Junkuo stressed that multinational corporations in the new development stage are an important force connecting domestic and international dual circulation, which will play a more important role as China fosters a new development pattern. At the same time, China's large-scale domestic market, increasingly perfect infrastructure and continuously improved business environment will also make China a major magnet for global production factors and resources, providing a broader space for the growth of multinational corporations.

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