New engine of foreign trade highlights economic resilience and vitality
According to data released by customs, the total import and export value of goods trade in China reached RMB 16.23 trillion in the first four months of this year, a year-on-year increase of 14.9%. This indicates that in the first year of the 15th Five Year Plan, China's economy started strongly, with major indicators better than expected, and the national economy achieved a good start, demonstrating the confidence of stable and long-term development of China's economy.
Promoting innovative development of foreign trade is an important measure to build a new system of higher-level open economy and promote high-quality development through high-level openness. In recent years, China's foreign trade has overcome external pressures brought about by the international situation, maintained stability and continuously reached new highs, demonstrating strong development resilience and innovation vitality. Since the beginning of this year, China's foreign trade has shown some obvious new trends.
The export trend has been fluctuating, and technology intensive industries have gradually become the main areas of China's exports. In the first four months of this year, the total export value of China was 9.33 trillion yuan, a year-on-year increase of 11.3%. Among them, the export of electromechanical products increased by 17.6% year-on-year, accounting for over 60% of the total export value and becoming the main force driving export growth. Correspondingly, the export of labor-intensive products has slightly decreased.
The growth in import volume is impressive, and new opportunities for foreign economic cooperation are constantly being opened up. In the first four months of this year, the total import value of China reached 6.9 trillion yuan, a year-on-year increase of 20%. The steady growth of crude oil and agricultural product imports indicates that an open China is balancing China's needs and the world's expectations, playing a mutually beneficial and win-win era.
Private enterprises are leading the growth rate and consolidating the foundation of foreign trade growth. In the first four months of this year, the import and export of private enterprises, foreign-invested enterprises, and state-owned enterprises increased by 15.9%, 15.4%, and 9.8% respectively. Among them, private enterprises account for over 50% of imports and exports, becoming the main force in stabilizing foreign trade.
Diversified trading partners, accelerating cooperation with emerging markets, and building a diversified and stable trade pattern. In the first four months of this year, the total trade value between China and ASEAN increased by 15.7% year-on-year; Import and export to countries jointly building the "the Belt and Road" reached 8.28 trillion yuan, accounting for more than half of China's total foreign trade.
It should also be noted that the current geopolitical situation is complex and volatile, the global economy continues to be under pressure, and trade protectionism is clearly on the rise. Our country's economic development is also facing many challenges. The task of transforming old and new driving forces is arduous, investment and consumption are relatively weak, domestic demand is still insufficient, industrial transformation and upgrading are a long way to go, and risks and hidden dangers in key areas cannot be ignored. The foundation for sustained stability and improvement still needs to be further consolidated. In the next stage, multiple measures should be taken simultaneously.
Mutual benefit and win-win situation, enhance the vitality and momentum of foreign trade. Steadily promote the construction of a high standard free trade zone network, increase efforts to explore diversified markets, strive to stabilize traditional markets, actively expand emerging markets, continuously expand the "friend circle" of foreign trade, and enhance foreign trade stability through diversified layout. Give full play to the role of private enterprises as the main force of foreign trade and innovation, seize the opportunities of the new round of technological revolution, continuously enhance the market development capabilities of private enterprises, promote more high-tech and high value-added products to move towards the middle and high-end of the global value chain, and further promote the structural transformation of goods trade exports from quantity increase to quality. Further leverage the "ballast stone" role of state-owned enterprises in the trade of bulk commodities such as grain, energy, and minerals, promote the continuous growth of national reserve strength, improve the level of energy and resource security, and systematically respond to external shocks and challenges.
Internal and external linkage, tapping into the potential for domestic demand development. Accelerate the construction of an open and shared innovation ecosystem, synergistically promote the optimization of market access environment, scenario cultivation and openness, innovative allocation of factors, smooth the flow of factors across fields and regions, guide the smooth flow of data, space, deep sea, spectrum and other factor resources towards the development of new quality productivity, and continuously stimulate the endogenous driving force and development vitality of the market. Further implement the special action to boost consumption, cultivate and develop new forms, scenarios, and models of consumption, strengthen financial support for exchanging old for new consumer goods, continuously promote the expansion and upgrading of commodity consumption, unleash the consumption potential of cultural tourism, sports events, and health care, and create new growth points for consumption. Deepen the construction of a unified national market, thoroughly rectify "internal competition", accelerate the elimination of bottlenecks that hinder the unified market and fair competition, and create a favorable market environment.
Moving towards innovation and excellence, consolidating the foundation of the foreign trade industry chain and supply chain. We will comprehensively promote the strategic deployment of building a strong country in science and technology, strengthen the reconstruction of industrial foundations and the research and development of major technological equipment, accelerate the development of emerging industries such as integrated circuits, aerospace, and biomedicine, cultivate and strengthen future industries such as quantum technology, embodied intelligence, and biomanufacturing, deeply implement the "Artificial Intelligence+" action, vigorously develop new forms of intelligent economy, and comprehensively improve the efficiency and intelligence level of industrial chain coordination. Strengthen physical and capability reserves in key areas, increase research and development efforts in technology, equipment, and products, and enhance the risk resistance of the industrial and supply chains in key areas. Strengthen international cooperation in the field of industrial and supply chains, actively participate in the formulation and improvement of relevant international rules, and provide strong support for the stable and smooth operation of global industrial and supply chains.
(Source: Economic Daily. Authors: Wang Chenwei and Wang Haotian. The authors are respectively researchers and associate researchers at the Institute of Economic System and Management of the National Development and Reform Commission.)