China is taking significant strides to energize its foreign trade and pave the way for a sustainable future. Recent measures announced by the Ministry of Commerce (MOFCOM) focus on supporting the stable growth of foreign trade and strengthening economic momentum.
A key aspect of these policies is the enhancement of financial support for micro, small, and medium-sized enterprises (SMEs). By encouraging insurance companies to back \"little giant\" and \"hidden champion\" firms, and urging financial institutions to provide market-oriented and law-based financing, China aims to diversify SME markets and boost their trade skills, productivity, and competitiveness.
In addition to supporting SMEs, China is prioritizing the import of vital machinery and energy resources to ensure the stability of industrial manufacturing and energy security. On the export side, there is a strong push to increase agricultural product exports, which plays a crucial role in stabilizing global food security.
Aligning with global climate goals, China is emphasizing innovation in green trade. This not only supports global climate cooperation but also addresses current environmental challenges. Furthermore, increased border trade with ASEAN, Russia, and Central Asian nations is set to provide SMEs and individual entrepreneurs with low-cost, high-efficiency export routes.
China's foreign trade has reached an impressive 36.02 trillion yuan ($5 trillion) in the first ten months of the year, marking a steady annual growth of 5.2%. Notably, trade with Belt and Road Initiative partners, ASEAN nations, South Korea, the U.S., and the EU has seen significant growth rates of 6.2%, 8.8%, 6.7%, 4.4%, and 1.2% respectively.
These developments underscore China's active role in the global trade value chain and highlight the interconnectedness of global growth with China's foreign trade activities.
Reference(s):
cgtn.com
