Xinhua - The Chinese state news agency comments on market prospects in the coming months.
Beijing – 13/08/2020 – China's foreign trade has the conditions and capacity to achieve development high quality, although Covid-19 has dealt a heavy blow to the global market, said the head of the General Administration of Customs (AGA), Ni Yuefeng, in an interview with Xinhua.
Amid growing uncertainties in the world market, China's foreign trade has exceeded market expectations in recent months.
According to estimates by the World Trade Organization (WTO), the volume of global trade in goods will fall by around 18.5% per year in the second quarter of this year.< /p>
Amid growing uncertainties in the world market, China's foreign trade has exceeded market expectations in recent months. Total foreign trade volume increased 6.5% year-on-year in July, with exports and imports increasing 10.4% and 1.6%, respectively.
Despite the downturn in global trade, China's share is growing, which indicates the sector's increased competitiveness and increased ability to counter pressure, said < span style="background-color: #ffffff;">Ni Yuefeng.
In the first four months of 2020, the share of China's exports in the global market grew by 0.1 percentage point. And given that the economy continues to recover, this share could increase even further, according to the head of the AGA.
He attributed the sector's resilience to the government's timely measures to contain the spread of the virus. These measures created conditions for foreign trade companies to resume operations, along with a series of other policies to help them overcome difficulties.
China granted export tax discounts or exemptions worth 812.8 billion yuan (US$116.6 billion).
As part of efforts to stabilize trade and foreign investment, China has optimized services for businesses and increased export tax reductions. Official data shows that China granted export tax discounts or exemptions worth 812.8 billion yuan ($116.6 billion) in the first half of the year to ease financial pressure on companies.
Meanwhile, foreign trade companies, especially private ones, continued to invest more in innovation, which also helped to sustain the sector's growth, according to Ni Yuefeng.
In the second half of the year, AGA will further simplify clearance procedures and reduce logistics costs to optimize the business environment at ports, Ni added.
There will be more efforts to support the construction of the southern Chinese island province of Hainan into a high-level free trade port and allow the country's customs zones to play a better role in stabilizing foreign trade and investment, he said.
He also promised to advance reforms in the regulation of cross-border e-commerce to help companies better explore the global market.
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