Summary: On August 13, Ren Hongbin, Assistant Minister of Commerce, said at a State Council policy briefing that China's foreign trade has strong resilience and great potential, the long-term positive trend has not changed, and he is confident of achieving the annual goal of stabilizing foreign trade and improving its quality.
Futures Daily reported on August 14: On August 13, Ren Hongbin, Assistant Minister of Commerce, said at a State Council policy briefing that China's foreign trade has strong resilience and great potential, the long-term positive trend has not changed, and he is confident of achieving the annual goal of stabilizing foreign trade and improving its quality.
Ren Hongbin said that since the beginning of this year, the COVID-19 pandemic has had a huge impact on foreign trade development. The Ministry of Commerce resolutely implemented the decisions and arrangements of the Party Central Committee and the State Council, and worked with various departments to promptly introduce a series of extraordinary and phased policy measures to stabilize foreign trade. Through arduous efforts, China's imports and exports in the first seven months of this year were better than expected.
He believes that in the second half of the year, the situation facing China's foreign trade will be more complex and severe, with an increase in uncertain and unstable factors. There are four main aspects: first, the pandemic is still spreading rapidly globally; second, the global economic downturn has had a significant impact on China's external demand; third, overseas demand continues to be weak; and fourth, international trade restrictions are increasing.
"But at the same time, it should be noted that China's foreign trade has strong resilience and great potential, and the long-term positive trend has not changed. We have the consumption space of a huge domestic market and the innovative spirit of the vast number of foreign trade enterprises. Under the strong leadership of the Party Central Committee and the joint efforts of all departments and localities, we are confident of achieving the annual goal of stabilizing foreign trade and improving its quality." Ren Hongbin stated that in the future, the main work will focus on four areas: First, fully implement trade policies and stabilize market entities. Give full play to the coordination mechanism for foreign trade and foreign investment, strengthen horizontal collaboration and vertical linkage, form synergies, implement targeted measures, and help enterprises enhance their international market competitiveness. Second, optimize the layout of international markets and protect markets. Continue to consolidate traditional markets, explore emerging markets, and deepen economic and trade cooperation under the Belt and Road Initiative. Actively promote the expansion of exports of daily necessities. Third, continue to promote the optimization and upgrading of foreign trade structure and stabilize the foreign trade industrial chain and supply chain. Encourage the import of advanced technology, equipment, and key components, and hold the third China International Import Expo successfully. Fourth, promote innovative development of trade and cultivate new advantages for international cooperation and competition under the new situation.
Regarding China-U.S. trade, Ren Hongbin said that since China and the United States signed the first-phase economic and trade agreement in January this year, China has earnestly implemented the agreement, and the relevant departments have done a lot of work to promote its implementation. The COVID-19 pandemic and restrictions such as the United States tightening export controls on China have undoubtedly had an impact on imports of some goods and services. Under the current circumstances, both sides need to work together, strengthen cooperation, and overcome difficulties. It is hoped that the U.S. side will stop restrictive measures and discriminatory practices against Chinese enterprises and create conditions for implementing the first-phase economic and trade agreement.
Regarding the meeting of the lead negotiators of the China-U.S. high-level economic and trade consultations, he said that if there is concrete information, China will release it in a timely manner.
When talking about the new development paradigm with domestic circulation as the mainstay and domestic and international dual circulation promoting each other, Ren Hongbin said that accelerating the formation of a new development paradigm with domestic circulation as the main body and domestic and international dual circulation mutually reinforcing is a major decision and deployment made by the Party Central Committee in view of changes in the domestic and international situation, and is the fundamental guideline for economic work in the coming period. Taking domestic circulation as the main body means fully leveraging China's super-large market advantages, expanding domestic demand, and revitalizing the domestic economy. Promoting domestic and international dual circulation means advancing opening-up at a higher level and better utilizing both domestic and international markets and resources. Foreign trade and foreign investment connect domestic and international dual circulation and play an important role in accelerating the formation of the new development paradigm.
He further stated that China's acceleration of the new development paradigm, featuring domestic circulation as the main body and domestic and international dual circulation mutually reinforcing, will have a positive impact on the world economy. "We welcome enterprises from all countries to actively explore the Chinese market, participate in the domestic circulation of the Chinese economy, promote domestic and international dual circulation, and achieve better development for themselves."