Positive changes in China's foreign trade structure

         The latest data released by the Ministry of Commerce shows that since the beginning of this year, China's foreign trade has achieved steady and rapid growth. From January to August, the national import and export volume was 2,352.53 billion US dollars, a year-on-year increase of 25.4%, and the growth rate was 14.6 percentage points lower than the same period of last year. Among them, exports were US$122.26 billion, up 23.6%, and the growth rate was 11.8 percentage points lower than the same period of last year; imports were US$1129.90 billion, up 27.5%, and the growth rate was lower than 18.0 percentage points in the same period of last year. In the face of complex and ever-changing domestic and international environments, this achievement is not easy. Although exports from January to August fell by more than 10 percentage points over the same period of last year, this year's export growth rate is based on the rapid growth last year. Actually, it is a higher level of development. Last year's growth rate was in Climb under the valley.      Judging from the current data, this year's foreign trade exports achieved the two goals set at the beginning of the year: The first is that foreign trade growth should be stable, faster than GDP growth. From January to August, the export growth rate reached 23.6%, which was obviously faster than the growth rate of GDP . The second is that China proposed that foreign trade development should "transfer mode, adjust structure, and promote balance". At present, positive results have been achieved, and foreign trade development has shown positive changes. . First, the effect of “expanding imports and reducing surplus” is obvious. Imports exceeded US$1 trillion and the trade surplus was greatly reduced. From January to August, the total import value exceeded US$1 trillion, and the accumulated surplus was US$92.73 billion, a year-on-year decrease of 10.2%, a decrease of 1.5 percentage points from the previous month. In August, the growth rate of imports increased by 7.3 percentage points from the previous month. Imports continued to rise, which improved the trade balance in August. The monthly surplus was US$17.76 billion, down 10.1% from the same period last year and down by US$13.72 billion from the previous month. Relevant experts said that the increase in import prices has led to a sharp rise in the import prices of bulk commodities, which has driven the rapid growth of import value, but more importantly, China has implemented active policy measures to expand imports and promote the continuous improvement of trade balance. Second, the transformation and upgrading of processing trade accelerated, the proportion of processing trade was further reduced, and the growth rate of general trade was faster than that of processing trade. In recent years, China has vigorously promoted the transformation and upgrading of processing trade and introduced a series of policy measures. Independent innovation and brand strategy have enabled more and more processing trade enterprises to realize the transformation from “production” to “design + production” and from “production workshop” to “corporate headquarters”. In this process, enterprises gradually grasped the bargaining power and initiative of the market. In general trade exports, many raw materials and products are processed in China, and R&D and marketing are also completed by Chinese companies. From January to August, the import and export of general trade increased by 32.1%, the growth rate was 16.3 percentage points higher than that of processing trade, and the proportion of general trade accounted for 2.7 percentage points increased. Third, the export price growth has increased the pulling effect, and the export price of labor-intensive products has risen. China's foreign trade growth has shown new changes in price and quantity coordination. From January to August, the average export price of China rose by 10.3%, 9.1 percentage points higher than the same period of last year; the export volume increased by 12.1%, down from 21.8 percentage points in the same period of last year. This feature is more pronounced on labor-intensive products. For the products exported by China, in the past, everyone’s impressions were always cheap, high-priced, and not good. However, through years of efforts, the price and quality of export products have achieved remarkable results. Foreign trade exports have been transformed from promoting scale growth to promoting quality, level and price. At the same time as the overall steady growth of exports to traditional major trading partners, China’s exports to emerging markets have grown rapidly, and its proportion has further increased. From January to August, the growth rate of exports to countries such as ASEAN, India, Russia, Brazil and South Africa was above the average growth rate of overall exports. In addition, ASEAN has further consolidated its position as China's third largest trading partner. The bilateral import and export trade volume reached US$234.61 billion, a year-on-year increase of 26.6%. The further diversification of China's export market helps to reduce the risk of over-reliance on a few developed countries. At the same time, the regional coordination of China's foreign trade development has been further enhanced. Since the beginning of this year, the central and western regions have accelerated the transfer of 10 provinces and cities in the east and international industries. The export growth rate is generally higher than that of the eastern region and the national average. In August, exports from the central and western regions increased by 45.7% and 71.6% respectively, higher than the national increase of 21.2 and 47.1 percentage points. The central and western exports accounted for 11.2% of total exports.

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