Friday, February 23

China’s goods trade to hit $ 6 trillion: Ministry of Commerce

China’s total imports and exports of goods are expected to reach $ 6 trillion in 2021, the Ministry of Commerce reported.

The estimated figure constitutes a growth of more than 20% over last year, said portfolio deputy minister Ren Hongbin at a press conference.

Year-on-year growth amounted to roughly $ 1.3 trillion, equivalent to the combined growth volume of the past 10 years, according to Ren.

Trade relations between China and emerging markets are narrowing, and exports to these markets accounted for 49.5% of the national total in the first 11 months of the year, explained the senior official while talking about new trends in the country’s foreign trade. .

In the January-November period, China’s private companies’ exports accounted for 58% of the total, raising the total export growth rate by 20 percentage points, according to the vice minister.

The country has also built more than 2,000 warehouses abroad to boost cross-border e-commerce, a new foreign trade business model, he added.

Ren said that, going forward, China will designate more comprehensive pilot zones for cross-border e-commerce, transform some cities or regions into offshore trading centers, and accelerate the digitization of foreign trade.

The country will also intensify efforts to ensure the stability of industrial and supply chains, improve logistics and international customs clearance, and help commercial companies expand their presence in emerging markets, such as the Association of Southeast Asian Nations ( Asean), Ren said.

China Daily