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E-mail China.org.cn, April 28, 2024
Shou Xiaoli:
Thank you, Mr. Wang. The floor is now open for questions. Please identify the media outlet you work for before raising your questions.
China Daily:
You just mentioned that China's foreign trade maintained steady growth in the first quarter, with increases in both imports and exports. How do you view China's foreign trade situation in the first quarter? Considering the current global economic situation and geopolitical changes, what difficulties and uncertainties might we anticipate in the second quarter? What measures is the customs department implementing to address these? Thank you.
Wang Lingjun:
Thank you for your questions, which touched on three aspects. I'll address each one in turn. Against the backdrop of the country's sound economic fundamentals, and thanks to the hard work, pioneering spirit, and innovation of the vast number of people engaged in foreign trade, China has made new strides in the high-quality development of foreign trade. We have continued to improve the quality of foreign trade while sustaining the volume of imports and exports. As a result, China's foreign trade saw growth in both imports and exports in the first quarter.
First, we have enhanced the dynamism of market entities. In the first quarter, the number of foreign trade enterprises engaged in imports and exports grew by 8.8%. The number of private companies and foreign-invested enterprises increased by 10.4% and 1%, respectively. Additionally, the foreign trade volume of state-owned companies reached a historic high during the same period.
Second, we have cultivated new growth drivers. In the first quarter, China's imports and exports of intermediate goods increased by 4.4%. Meanwhile, the imports and exports of China's cross-border e-commerce grew by 9.6%. The number of overseas warehouses established by Chinese enterprises for cross-border e-commerce purposes rose by 11.8%. We have accelerated the development of new business forms and models.
Third, regional development has leveraged its distinctive strengths. The country's eastern, central, western, and northeastern regions have each capitalized on their respective advantages and made contributions. The eastern region has taken on major responsibilities, with the growth rate of exports and imports in the first quarter being 2.7 percentage points and 1.2 percentage points higher than the overall rate, respectively. The central region has shown a shift toward advanced and green transformation in the manufacturing sector, with exports of advanced equipment and electric vehicles increasing by 42.6% and 107.3%, respectively. The western region has managed industrial transfers in an orderly manner, and the imports and exports of the processing trade have shifted from decline to growth. New progress has been made in foreign trade to fully revitalize northeast China. The volume of imports and exports in the first quarter exceeded 300 billion yuan for the first time.
Fourth, our trading partners have become more diversified. In the first quarter, China's trade with BRI partner countries increased by 5.5%, 0.5 percentage point higher than the overall growth rate. Trade with Latin America and the five Central Asian countries achieved double-digit growth. During the same period, trade with traditional markets such as the U.S. and Japan showed positive recovery trends, with the decline in imports and exports in the first quarter narrowing by 5.9 percentage points and 1.2 percentage points, respectively, compared to 2023.
Looking ahead to the second quarter, foreign trade faces some difficulties and challenges, including geopolitical tensions and trade protectionism. However, there are also many favorable factors for foreign trade development. Global trade is showing signs of a steady recovery. On Wednesday, the WTO also predicted a rebound in trade, estimating that the volume of world trade in merchandise will grow by 2.6% in 2024. The latest report from the U.N. Conference on Trade and Development is also optimistic about the global trade in goods. According to the China Customs Trade Prosperity Statistical Survey , in March, there was a significant increase in the proportion of enterprises reporting higher export and import orders compared to the previous month. It is expected that China's imports and exports will continue to improve in the second quarter, maintaining a growth trend for the first half of the year.
To act in accordance with the guidelines of the CPC Central Committee and the State Council, customs will focus on the high-quality development of foreign trade and continue to introduce new policies and measures to improve regulatory efficiency and services. In March, we convened a meeting on launching a special campaign aimed at promoting cross-border trade facilitation, during which we proposed 33 reform and innovation measures to benefit enterprises and the public. Moving forward, customs will continue to follow up on implementing these policies and measures. Additionally, we aim to better understand the expectations and demands of enterprises and local governments. We will focus on promoting trade facilitation, optimizing the business environment at ports, reducing costs and fees for enterprises, and fostering new growth drivers for foreign trade. We will introduce more timely and effective policies and measures and spare no effort to support the steady and high-quality development of foreign trade. Thank you.
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