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MOFCOM Releases Report on the Situation of China’s Foreign Trade (Spring 2017)

MOFCOM

2017-05-09

 

On May 4, the Comprehensive Department and Chinese Academy of International Trade and Economic Cooperation of the Ministry of Commerce jointly released Report on the Situation of China’s Foreign Trade (Spring 2017) (hereinafter referred to as the report). The report reviewed the situation of China’s foreign trade in 2016 and the first quarter of 2017. In 2016, with joint efforts, China’s foreign trade realized the goal of steady growth, the decline of imports and exports slowed down, the structure was optimized, the efficiency was promoted, and the new energy of development was constantly accumulated. In the first quarter of 2017, China’s foreign trade sustained the trend of steady growth, imports and exports grew rapidly, the structure was further optimized and the positive changes increased.

According to the report, the challenges and pressure facing China’s foreign trade development are highlighted in three aspects: 1. The basis of rising exterior demands is not stable; 2. The new round of industrial competition is more fierce; 3. The influence of trade frictions further stands out. Nevertheless, we should also see that the fundamental for China’s steady growth of foreign trade has not changed and the import business still have a series of favorable factors and conditions in international competition.

The report points out that the foreign trade environment in 2017 is better than that of the past two years, but the situation is still severe and complex. China’s imports and exports expect to maintain a momentum of steady growth in a period of time, but factors of instability and uncertainty still exist and great efforts are required to realize the whole year goal. In the new situation of foreign trade development, departments at all levels should deepen to implement policies to support foreign trade development, support innovative development of foreign trade enterprises and constantly upgrade both quality and efficiency of foreign trade development.

 

 
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