Containers get loaded on an automated wharf at a port in Shanghai. [Photo/IC]

Hurdles include challenging external environment, anemic offshore demand

China has been exploring a new set of policy measures aimed at spurring exports and imports, and will expedite the implementation of these measures as soon as possible, with the goal of consolidating the foundations of the country's foreign trade and achieving preset annual targets, officials said on Tuesday.

China's strong start in goods import and export performance in the first two months points to the country's solid foundation, resilience and vitality in foreign trade, said Guo Tingting, vice-minister of commerce, at a news conference held by the State Council Information Office.

From January to February, the country's two-way trade in goods climbed 8.7 percent year-on-year to 6.61 trillion yuan ($916 billion), said the General Administration of Customs.

China's foreign trade sector boasts over 600,000 enterprises, with privately owned companies accounting for over 80 percent of the total. These enterprises have honed their growth and continuously enhanced their competitiveness in overseas markets, Guo said.

Supported by a comprehensive industrial system and formidable production capabilities, China offers a wide range of high-quality products that are highly sought after worldwide. Additionally, the country's vibrant development of new business models and formats consistently provides new impetus for foreign trade, Guo added.

China remains confident and well-positioned to strengthen its foreign trade performance, Guo said, though the sector still faces a challenging external environment characterized by subdued external demand, increasing uncertainty and the proliferation of trade restrictions.

Ngozi Okonjo-Iweala, director-general of the World Trade Organization, said late last month global trade volume may not reach the WTO's 3.3 percent growth estimate for 2024.

On top of that, global trade growth in 2024 is expected to be only half the average witnessed in the decade before the COVID-19 pandemic, a World Bank report said.

The Chinese government is working diligently to expedite the introduction of initiatives to enhance foreign trade, with the goal of achieving tangible and positive outcomes as soon as possible, Guo said.

In addition to dedicated efforts to enhance the quality and quantity of foreign trade while ensuring its stability, the country also places strong emphasis on fostering new quality productive forces.

To this end, China will advance the transformation and upgrading of its traditional industries and drive their transition toward high-end, intelligent and green practices, said Zhao Zhiguo, chief engineer at the Ministry of Industry and Information Technology.

Moreover, China will actively promote the healthy and orderly development of emerging industries, including next-generation information technologies, aerospace and bioengineering, while proactively laying the groundwork for future-oriented industries, Zhao said.

In particular, China is set to make strides in infrastructure development by taking a proactive approach toward the construction of advanced technologies such as 5G and computing power, Zhao added.