China News Agency, Beijing, June 15: The Ministry of Commerce of the People's Republic of China issued a report on the 15th that China's foreign trade challenges and pressures will increase significantly in 2020, but there is still a solid foundation to stabilize the basic foreign trade base throughout the year.

  The "China Foreign Trade Situation Report (Spring 2020)" stated that the current spread of overseas epidemic situation has not been effectively controlled, the global epidemic situation and the economic and trade situation are highly uncertain, and the downward pressure on China's foreign trade will increase in 2020. Comprehensive judgment, China's foreign trade will continue to be under pressure in the short to medium term.

  The report points out that the current impact of the epidemic on China's foreign trade has shifted from supply-side to demand-side. Almost all of China’s trading partners have epidemics, the international market demand has shrunk severely, and foreign trade companies generally face problems such as cancellation or extension of on-hand orders and difficulties in signing new orders; the supply chain of the industrial chain is blocked, and the supply of some imported raw materials, key equipment and spare parts is difficult 3. The price continues to rise; sluggish international transportation, increased logistics costs, and obstructed business negotiations also make it more difficult for companies to fulfill contracts and obtain orders.

  According to official data, China's total imports and exports fell by 4.9% year-on-year in the first five months of this year, of which exports fell by 4.7% and imports fell by 5.2%.

  According to the report, in the short term, the risks and challenges facing China's foreign trade development are unprecedented, but in the long run, China's foreign trade is still resilient, full of potential, and highly competitive.

  Recently, China has introduced a series of measures to stabilize foreign trade. Such as increasing foreign trade credit to meet corporate capital needs; encouraging online exhibitions; accelerating the development of cross-border e-commerce, encouraging companies to build a batch of high-quality overseas warehouses in relevant countries, especially key markets, and improving the international marketing network system.

  The report said that the next step will be to go all out to stabilize the basic foreign trade plate, and promote foreign trade to promote stability and improve quality. (Finish)