BEIJING, Dec 16 (INP): China took a lead keeping up the momentum of its foreign trade as it has been successfully handling the economic challenges in the recent years.
The country’s foreign trade is expected to remain stable in 2019 as the sector exerts more growth potential amid external challenges, according to a foreign trade report released by the Ministry of Commerce.
The country’s foreign trade could maintain stable growth and the quality be further lifted with sound economic fundamentals, greater opening up and policy support, the report read.
High-quality development of China’s economy has laid a solid foundation for its foreign trade, with greater domestic consumption expected to inject new impetus in import growth.
Consumption has contributed 78 percent of the country’s economic growth in the first three quarters of the year, and a 400 million-strong middle-income group of consumers are demanding more imported high-quality goods and services, the report showed.
In terms of opening its door wider, China has signed cooperation agreements with more than 130 countries and international organizations on jointly building the Belt and Road initiative and sealed 17 free trade agreements with 25 countries and regions.
The first China International Import Expo, which was held in Shanghai in November this year, attracted more than 3,600 companies with participation of over 172 countries, regions and international organizations, an important step in opening up China’s market.
Favorable conditions for China’s trade sector also include a raft of measures on trade facilitation and tax incentives for domestic trade companies, according to the report.
China’s goods trade rose 11.1 percent year-on-year to 27.88 trillion yuan (about 4 trillion U.S. dollars) in the first 11 months this year, a value exceeding the total foreign trade registered last year, the General Administration of Customs said earlier this month.