SCIO briefing on China's import and export performance in H1 2022

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Private enterprises witnessed an outstanding export performance in the first half of this year, accounting for nearly half of the total. Would you like to elaborate on the features of their import and export performances? Thank you.

Li Kuiwen:

Thank you for your question. Starting this year, China has introduced a series of policies and measures to maintain steady increases in both the volume and quality of imports and exports and help companies to tide over difficulties, which energized the market entities 'dealing in foreign trade. In the first half of this year, the number of foreign trade firms registering import and export business rose by 5.5% year on year. Among them, the number of private enterprises grew by 6.9% to 425,000, posing a better performance than overall growth figures. The major features are as follows:

First, in terms of growth rate, import and export of private enterprises grew by 13.6% to 9.82 trillion yuan in the first half of this year, up 4.2 percentage points compared to overall growth, and its share in China's total imports and exports increased by 1.9 percentage points from the previous year to 49.6%, thus further reinforcing the principal position of private enterprises in China's imports and exports.

Second, in terms of product mix, in the first half of this year, export volume of machinery and electronics products produced by private enterprises grew by 15.3%, 6.7 percentage points higher than overall export growth rate. Import volume of agricultural products, basic organic chemicals, pharmaceutical materials, and medicines increased by 6.4%, 14%, and 33.1%, respectively, all outperformed the overall import growth rate.

Third, in terms of market share, in the first half of 2022, while maintaining the growth of imports and exports with traditional markets such as the U.S., Europe, the ROK, and Japan, private enterprises ratcheted up in expanding emerging markets, with their imports and exports with ASEAN, Latin America, and five Central Asian countries up by 20.5%, 16.4%, and 53.3% respectively, all higher than the overall growth.

It is fair to say that the steady growth of China's imports and exports in the first half of 2022 was largely attributable to the strong vitality of various market entities dealing in foreign trade. We focused on ensuring security in the operations of market entities and introduced 10 measures to maintain steady increases in both the volume and quality of imports and exports. Recently, we introduced another seven measures to further help companies to ease their difficulties and lower their costs. For example, for companies affected by COVID-19 and having difficulties in running businesses, if they couldn't pay their taxes in timely but could pay their overdue payments within a set period of time, these companies can be exempted from overdue fines. The request for third-party examination was removed for companies applying for exemption of tariffs and import-related tax on returned products. The requirement to provide proof of warehouse was canceled for companies applying for a quarantine license on imported fruits. The inspection process of imported coatings was streamlined and the Recordation Form for Imported Coatings was no longer checked. Efforts were also made to adjust and improve the inspection requirements for imported crude oil and coal. 

Next, we will implement in earnest the policies and measures to help companies to tide over difficulties and work to maintain the steady increases in both the volume and quality of China's foreign trade. Thank you!

Shou Xiaoli:

Thank you, Mr. Li and friends from the media. Today's press conference is hereby concluded. See you next time. 

Translated and edited by Wang Yiming, Wang Qian, Yuan Fang, Liu Qiang, Guo Yiming, Liu Sitong, Yan Xiaoqing, Yang Xi, Zhang Tingting, Wang Wei, Ma Yujia, Zhang Rui, Zhang Liying, Cui Can, Li Huiru, David Ball, Tom Arnsten, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.

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