Jan-Oct for­eign trade in­creases 16%

China Daily (Hong Kong) - - TOP NEWS - By ZHONG NAN in Shang­hai zhong­nan@chi­nadaily.com.cn

China’s for­eign trade jumped 16.1 per­cent year-onyear to $3.84 tril­lion in the first 10 months of 2018, thanks to emerg­ing mo­men­tum for world eco­nomic re­cov­ery and new do­mes­tic poli­cies to boost and sta­bi­lize trade and in­vest­ments, a cus­toms of­fi­cial said on Thurs­day.

Im­ports surged 20.3 per­cent year-on-year to $1.79 tril­lion be­tween Jan­uary and Oc­to­ber, while ex­ports grew by 12.6 per­cent to $2.05 tril­lion, re­sult­ing in a trade sur­plus of $254.2 bil­lion — down 22.3 per­cent yearon-year, the Gen­eral Ad­min­is­tra­tion of Cus­toms an­nounced.

Li Kui­wen, di­rec­tor-gen­eral of the ad­min­is­tra­tion’s De­part­ment of Sta­tis­tics, said China’s im­ports have main­tained rel­a­tively rapid growth this year, faster than ex­port growth. The de­vel­op­ment of im­ports and ex­ports is more bal­anced, and the coun­try’s door for fur­ther open­ing-up is also widen­ing.

Li said the first China In­ter­na­tional Im­port Expo, be­ing held in Shang­hai this week, is a pow­er­ful way to sup­port free trade and meet the na­tion’s grow­ing de­mand for high­qual­ity goods and ser­vices through im­ports.

State-owned in­dus­trial equip­ment man­u­fac­turer China Na­tional Ma­chin­ery In­dus­try Corp signed 21 im­port deals with for­eign part­ners worth a to­tal $8.4 bil­lion in such ar­eas as high-end man­u­fac­tur­ing, au­to­mo­biles and in­for­ma­tion tech­nol­ogy dur­ing the expo on Tues­day.

The pri­vate sec­tor’s Sun­ing Hold­ings Group, one of the coun­try’s largest re­tail­ers by rev­enue, an­nounced plans at the expo to im­port at least 5,000 kinds of prod­ucts and ser­vices — im­ports that are new to the do­mes­tic mar­ket. It will im­port $17.24 bil­lion worth of goods, of­fi­cials said.

“Global com­pa­nies are ready to fur­ther dig into the mar­ket po­ten­tial in China at the next level, as the coun­try con­tin­ues to be the world’s largest con­sumer for many prod­ucts, com­modi­ties and ser­vices such as in­dus­trial goods, food and health­care prod­ucts for its on­go­ing in­dus­trial and con­sump­tion up­grad­ing,” said Wang Bing­nan, vice-min­is­ter of com­merce.

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