China's for­eign trade set to ex­ceed $4 tril­lion

The Pak Banker - - BUSINESS - SHANG­HAI -AP

China's for­eign trade vol­ume is ex­pected to ex­ceed $4 tril­lion in 2017 if there are no spe­cial cir­cum­stances based on fig­ures ac­cu­mu­lated in the first 11 months, the Min­istry of Com­merce pre­dicted. Gao Feng, the min­istry's spokesman, said China has been res­o­lutely push­ing for­ward sup­ply-side struc­tural re­form in for­eign trade. The la­bor, cap­i­tal and re­source uti­liza­tion ef­fi­ciency, as well as en­vi­ron­men­tal pro­tec­tion aware­ness of do­mes­tic man­u­fac­tur­ers have been ef­fec­tively im­proved.

The coun­try's for­eign trade vol­ume to­taled 25.14 tril­lion yuan ($3.7 tril­lion) be­tween Jan­uary and Novem­ber, up 15.6 per­cent year-on-year, of­fi­cial data show.

"The va­ri­ety, qual­ity and grade of Chi­nese prod­ucts are be­ing up­graded to higher-end and in­tel­li­gent de­vel­op­ment by play­ers at home to com­pete with their ri­vals in global mar­kets," he said. "China's for­eign trade has re­mained a driv­ing force of the na­tional econ­omy."

China will push for­ward a new pat­tern of all-round open­ing-up to pur­sue mu­tual ben­e­fit with the rest of the world, ac­cord­ing to a state­ment re­leased af­ter the Cen­tral Eco­nomic Work Con­fer­ence which con­cluded last week.

The na­tion will raise its over­all level of im­ports and re­duce im­port tar­iffs on some prod­ucts to pro­mote more bal­anced trade, it said. Re­gard­ing the out­look for China's for­eign trade in 2018, Gao said all par­ties in­clud­ing var­i­ous gov­ern­ments bod­ies and busi­nesses are gen­er­ally op­ti­mistic about global eco­nomic growth next year.

Ac­cord­ing to a fore­cast

by

the In­ter­na­tional Mon­e­tary Fund, the global econ­omy is ex­pected to grow by 3.7 per­cent next year, around 0.1 per­cent­age points faster than the global eco­nomic growth ex­pected for 2018.

In­ter­na­tional trade in goods and ser­vices will also grow at a rate of 4 per­cent in 2018, higher than the av­er­age an­nual growth rate of 3.4 per­cent from 2013 to 2017, ex­ceed­ing the rate of global eco­nomic growth. "From the do­mes­tic point of view, we will con­tinue to en­cour­age com­pa­nies to en­hance their in­no­va­tion-driven growth abil­ity, in­crease the con­tri­bu­tion of sci­en­tific re­search and de­vel­op­ment to for­eign trade, and raise pro­duc­tion ef­fi­ciency in a sus­tain­able man­ner," said Gao.

To achieve the long-term tar­get, the Min­istry of Com­merce plans to fur­ther en­hance China's role as a ma­jor global trad­ing part­ner be­fore 2020 and de­ploy more re­sources to main­tain a steady growth in in­ter­na­tional trade, make ef­fi­cient use of for­eign in­vest­ment and en­sure Chi­nese com­pa­nies in­vest over­seas in an or­derly way in 2018, ac­cord­ing to of­fi­cial doc­u­ments re­leased ear­lier this week.

"China's for­eign trade is shift­ing from a phase of rapid growth to a phase of high­qual­ity de­vel­op­ment," said Ma Yu, a se­nior re­searcher at the Chi­nese Academy of In­ter­na­tional Trade and Eco­nomic Co­op­er­a­tion.

Mean­while, China's cur­rent ac­count sur­plus re­mained in a rea­son­able range in the first three quar­ters of this year, the coun­try's for­eign ex­change reg­u­la­tor said Thurs­day. The cur­rent ac­count sur­plus stood at $109.8 bil­lion in the first three quar­ters, ac­count­ing for 1.3 per­cent of GDP, ac­cord­ing to the State Ad­min­is­tra­tion of For­eign Ex­change (SAFE).

PARIS -AFP

A cus­tomer uses Ali­pay to make pay­ments at the Prin­temps shop­ping mall in France.

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