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SCIO briefing on China's imports and exports in 2017

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Speaker:
Mr. Huang Songping, spokesperson of the General Administration of Customs

Chairperson:
Xi Yanchun, vice director-general of the Press Bureau, State Council Information Office

Date:
Jan. 12, 2018

China News Service:

Do you think China's foreign trade saw improved quality and efficiency while maintaining rapid growth in 2017? What are your expectations for its development in 2018?

Huang Songping:

China's foreign trade achieved rapid growth in 2017, up 14.2 percent year-on-year with enhanced quality and efficiency.

First, the capacity for independent development has been enhanced. In 2017, the import and export of general trade with long industrial chains and high added value rose by 16.8 percent year-on-year, 2.6 percentage points higher than the nation's aggregate growth, with its share in the nation's total foreign trade up 1.3 percentage points.

Second, China's trading partners were more diversified. In 2017, the country's trade with traditional markets, including Europe, the USA and Japan, jumped by 14.8 percent, and trade with emerging markets, namely Latin America and Africa, surged by 22 percent and 17.3 percent, respectively.

Third, market entities performed actively. The import and export for all types of enterprises realized double-digit growth in 2017. The imports and exports of private enterprises rose by 15.3 percent, making the greatest contribution to the growth of China's foreign trade with a ratio of 41.2 percent. The internal forces driving foreign trade development were strengthened.

Fourth, there was a more balanced regional development in 2017. Imports and exports of the central and western regions in China rose by 21 percent year-on-year, 6.8 percentage points higher than the nation's aggregate growth, with its share in the nation's total foreign trade up 0.8 percentage point.

Fifth, the structure of imported and exported products was optimized. Exports of certain electromechanical products with high added value and products of the equipment manufacturing industry maintained a sound growth momentum in 2017. For instance, exports of automobiles, computers and medical appliances and instruments rose by 27.2 percent, 16.6 percent and 10.3 percent, respectively. This indicates that Chinese enterprises have gradually strengthened their capacity in independent innovation and fostered new advantages for international competitiveness. From the perspective of imports, the import of energy-and-resource-based products kept a steady growth. For example, the import of crude oil, iron ore and natural gas respectively increased by 10.1 percent, 5 percent and 26.9 percent. The import of certain important equipment, key parts and components, and high-quality consumer goods saw relatively fast growth, with increases of 17.3 percent, 17.6 percent, 13.8 percent and 19.6 percent for imports of integrated circuit products, engines, computer numerical control machine tools, and aquatic and marine products. Generally speaking, China achieved positive progress in steadfastly advancing supply-side structural reform, shifting the growth model and adjusting structure of its foreign trade. The country's foreign trade is in a transition from a phase of rapid growth to a stage of high-quality development.

As for foreign trade development in 2018, it is expected, in general, that the world economy will continue its recovery and that China's economy will maintain a steady and sound performance, which is comparatively favorable for its foreign trade. However, it is difficult to maintain a double-digit growth in foreign trade this year due to the influences from a number of factors, such as uncertainties in the international environment and the large base figure in 2017. China's foreign trade is expected to maintain growth this year with further improved quality and efficiency.