Today, a press conference was held by the Ministry of Commerce of China to introduce the country's foreign trade situation and policies in 2020. The press conference was attended by the spokesperson Gao Feng from the Ministry of Commerce, who gave an in-depth overview of the foreign trade situation in China.
Overview of China's Foreign Trade in 2020
According to Gao Feng, despite the impact of COVID-19, the foreign trade of China in 2020 maintained a momentum of steady growth. In the first 11 months of 2020, the total value of imports and exports of goods in China was 32.16 trillion yuan, which was 2.1% higher than the same period of last year. Outward direct investment of China in non-financial sectors was $140.09 billion, an increase of 1.3% year-on-year. Foreign investment in China was $146.3 billion, an increase of 5.3% year-on-year.
China's Trade Policy Adjustments in 2020
In order to cope with the impact of the epidemic, China has introduced a series of policies to promote the stable development of foreign trade. For example, the Tariff Commission of the State Council issued the Announcement on Adjusting the Tariff Level of Some Imported Goods (Announcement No. 24 of 2020), announcing the suspension of reduced import tariffs on some goods from January 1, 2021 to December 31, 2022. At the same time, China has also implemented a series of policy measures to facilitate the development of cross-border e-commerce.
Outlook of China's Foreign Trade in 2021
Gao Feng said that the Chinese government will continue to take a series of policies and measures to ensure the steady growth of foreign trade. In 2021, China will further optimize the business environment, strengthen the protection of intellectual property rights, actively expand opening up and promote the high-quality development of foreign trade.
China's Strengthened Cooperation with Other Countries
In 2020, China's foreign trade cooperation with other countries has been further strengthened. In October 2020, the China-Europe freight train (CEFT) completed a total of 9,560 trips, setting a new record for the number of trips in the same period. In addition, the China-Europe Freight Train has also established an air-rail intermodal transportation network, which is increasingly becoming an important section of the “Belt and Road” initiative.
China's Strong Domestic Market
In 2020, China's domestic market has maintained a steady growth. In the first 11 months of 2020, the total retail sales of consumer goods in China was 36.21 trillion yuan, an increase of 3.3% year-on-year. The data also shows that the number of online retail sales of physical goods increased by 8.3% year-on-year, and the growth rate of online retail sales has been higher than that of total retail sales of consumer goods.
In summary, China's foreign trade in 2020 has achieved steady growth, and the policies and measures taken by the Chinese government to promote foreign trade have achieved remarkable results. In 2021, China will continue to optimize its business environment and strengthen its cooperation with other countries, while its domestic market will remain strong.
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