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China's foreign trade growth rate exceeded expectations this year, service trade exports grew faster than imports for the first time in 7 years

  • Categories:Industry News
  • Author:Xinhuanet
  • Origin:
  • Time of issue:2020-09-15
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China's foreign trade growth rate exceeded expectations this year, service trade exports grew faster than imports for the first time in 7 years

  • Categories:Industry News
  • Author:Xinhuanet
  • Origin:
  • Time of issue:2020-09-15
  • Views:

Zhong Shan, Minister of Commerce of China, stated at a national business meeting on the 25th that foreign trade growth has exceeded expectations this year, setting a record high in six years, and the trade structure has been further optimized. The growth rate of service trade exports exceeded imports for the first time in the first 11 months.

According to data from the Ministry of Commerce, in the first 11 months, China’s total trade in goods exceeded 25 trillion yuan, a year-on-year increase of 15.6%, and the growth rate hit a six-year high. Among them, the proportion of private enterprises' exports continued to increase, the growth rate of general trade was faster than that of processing trade, and the growth rate of the central and western regions was faster than that of the eastern region.

"my country's foreign trade growth exceeded expectations this year." Minister of Commerce Zhong Shan said that in the face of the complex and volatile international economic situation, it is not easy to achieve such foreign trade results.

It is worth noting that China's total service trade in the first 10 months was nearly 4 trillion yuan, an increase of 9.9%, and the growth rate of exports was faster than imports for the first time in seven years.

Foreign Trade Department Director Ren Hongbin said that next year, foreign trade will be unstable and there will still be many uncertain factors, such as the US's refusal to terminate anti-dumping investigations against China and the use of "surrogate countries", as well as geopolitical risks. However, we must also be aware of the acceleration of the global economic recovery, the improvement of Chinese foreign trade enterprises' innovation capabilities, and the effectiveness of the measures to promote foreign trade introduced by the central government. Therefore, we are still full of confidence in the development of foreign trade next year.

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