China's foreign trade maintains upward momentum

CNC
Added On November 8, 2020

China's foreign trade sustained its upward momentum in October with notable growth and improved structure.

 
China Report has more.
 
According to the General Administration of Customs, China's foreign trade expanded 4.6 percent year on year in October, with exports jumping 7.6 percent and imports climbing 0.9 percent.
 
In the first 10 months, China's foreign trade of goods rose 1.1 percent year on year, accelerating from an increase of 0.7 percent in the first three quarters.
 
General trade, involving longer production chains and better reflecting the country's manufacturing strength, edged up 2.8 percent during the 10-month period, taking a larger share of the total trade of goods.
 
The Association of Southeast Asian Nations remained China's largest trading partner during the period, followed by the European Union and the United States.
 
Data showed that private companies played a significant role in propelling trade growth, with their foreign trade expanding by 10.5 percent in the first 10 months to account for 46.2 percent of the country's total.
 
China's foreign trade has emerged from the woes of the COVID-19 pandemic in recent months thanks to government policies.
 
The country has introduced streamlined procedures at customs and incentives for cross-border e-commerce and other innovative trade forms.
 
It also unveiled measures including shortening the catalog of technologies prohibited or restricted from import, and strengthening intellectual property protection.
 
Meanwhile, China has vowed to set up demonstration zones to promote imports, with innovative regulatory systems and flexible trade models to be piloted at these zones.