Fast trade growth seen

Efforts needed amid uncertainties

China’s imports and exports have seen relatively fast growth in the first nine months, thanks to factors such as gradually rising demand in the global markets, favorable domestic policies and the adjustment of corporate structure, the Ministry of Commerce (MOFCOM) said Tuesday.

China’s trade volume rose 16.6 percent year-on-year to 20.29 trillion yuan ($3.07 trillion) from January to September, MOFCOM said in a statement.

Imports reached 9.13 trillion yuan, up 22.3 percent on a yearly basis, and exports grew 12.4 percent to 11.16 trillion yuan, MOFCOM data showed.

Exports to Brazil, Russia and India rose particularly fast in the first nine months, with a year-on-year growth rate of 40.2 percent, 22.1 percent and 21.8 percent, respectively.

Exports of mechanical and electrical products reached 6.41 trillion yuan from January to September, accounting for 57.5 percent of China’s total exports, MOFCOM said, noting that exports from private companies accounted for 46.8 percent among all exporters and foreign-funded firms took about 42.8 percent.

One of the major factors driving the fast growth of China’s trade is the fact that the world economy began to see modest growth starting from the beginning of this year and demand in the global markets has been recovering, the ministry said.

Furthermore, China’s recent policies for foreign trade have created a sound business environment and reduced pressure on domestic firms.

Also, Chinese firms have been participating in supply-side reform and trying to enhance their competitive competence in foreign trade through efforts like structural adjustment and innovation, as well as nurturing technology, brands, quality and services, MOFCOM noted.

However, uncertainties and unstable factors still persist in the global markets, MOFCOM warned, saying that the basis for the recovery of the world economy is still weak and anti-globalization pressure and protectionism can be seen in some developed countries.

The Chinese government will continue its efforts to build new competitive advantages in foreign trade, such as nurturing new types of business and improving the level of trade facilitation, according to the ministry.

China’s outbound direct investment in nonfinancial sectors reached $78.03 billion in the first three quarters, down 41.9 percent year-on-year, MOFCOM said on Tuesday. And irrational investment in overseas markets has been curbed effectively, the ministry said.