(Economic Observer) China's foreign trade will present four bright spots in 2022

  China News Agency, Beijing, January 13th, title: China's foreign trade will present four bright spots in 2022

  China News Agency reporter Li Xiaoyu

  China's foreign trade data for 2022 will be released on the 13th.

Despite the combination of unexpected factors such as the epidemic and the Ukraine crisis, China's foreign trade still withstood the pressure and achieved stable growth, showing four bright spots.

The scale hit a record high

  According to official data, in 2022, the total value of China's import and export of goods trade will increase by 7.7% year-on-year, and the scale will exceed 40 trillion yuan (RMB, the same below) for the first time, becoming the world's largest country in goods trade for six consecutive years.

  In terms of quarters, the total value of China's imports and exports exceeded 9 trillion yuan and 10 trillion yuan in the first and second quarters of last year, respectively. In the third quarter, the total value of imports and exports increased to 11.3 trillion yuan, a new quarterly high.

The total value of imports and exports in the fourth quarter continued to maintain a level of 11 trillion yuan.

  Compared with other major economies in the world, China's foreign trade growth rate ranks among the top.

Lv Daliang, spokesperson of the General Administration of Customs of China, said that in 2022, China's foreign trade has overcome the challenges of multiple unexpected factors and achieved new breakthroughs, and the scale, quality, and efficiency of imports and exports will increase simultaneously.

Market diversification accelerates

  At a time when the global economy is generally sluggish, the diversification of China's foreign trade market has made positive progress.

According to official data, in 2022, China's imports and exports to major trading partners such as ASEAN, the European Union, and the United States will maintain growth, and emerging markets will also be accelerated. Exports to countries along the "Belt and Road" will increase by 20%, and exports to Africa and Latin America will increase respectively. 14.8%, 14.1%.

  It is worth noting that in 2022, China's trade volume with other members of the "Regional Comprehensive Economic Partnership Agreement" (RCEP) will increase by 7.5% year-on-year, accounting for 30.8% of China's total foreign trade import and export value.

Among them, China's import and export growth rates to Indonesia, Singapore, Myanmar, Cambodia, and Laos all exceeded 20%.

  Ma Tao, a researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said that the implementation of RCEP will help shift the focus of China's economic and trade cooperation to ASEAN.

As the member states and their enterprises use the rules of the RCEP agreement proficiently, the role of RCEP in stimulating intra-regional trade will be more fully reflected.

Private enterprises accounted for more than 50% of imports and exports for the first time

  In 2022, China will have 598,000 foreign trade companies with import and export performance, an increase of 5.6%.

Among them, the import and export of private enterprises was 21.4 trillion yuan, a year-on-year increase of 12.9%, accounting for 50.9% of China's total import and export value in the same period, and the annual proportion exceeded half for the first time, an increase of 2.3 percentage points, and the contribution rate to China's foreign trade growth reached 80.8%.

  Private enterprises are usually experienced, daring, and quick to respond to market dynamics.

The increase in the proportion of private enterprises in foreign trade shows that China's foreign trade is more dynamic and resilient.

The export growth rate of some green and low-carbon products exceeds 60%

  As China's traditionally advantageous products for export, the export of electromechanical products will remain stable in 2022.

According to official data, China's exports of industrial products will increase by 9.9% year-on-year in 2022, driving overall export growth by 9.4 percentage points.

Among them, the export growth rate of green and low-carbon products such as solar cells, lithium batteries, and electric passenger vehicles exceeded 60%, and the new momentum of export grew rapidly.

  The export of some labor-intensive products also achieved good results.

In 2022, China's luggage exports will increase by 32.6% year-on-year, and shoe exports will also increase by 24.4%.

  Recently, with the adjustment of the epidemic prevention policy and the implementation of a series of trade promotion measures, Chinese foreign trade companies have expanded their markets and increased their confidence in receiving orders, and the order receiving situation in major exporting provinces has improved.

Analysts believe that the competitive advantage of China's main export products is expected to continue in the future.