China is energizing its foreign trade sector with a series of comprehensive, timely, and market-oriented policies aimed at supporting stable growth and consolidating economic momentum. In line with the State Council’s recent measures, the Ministry of Commerce (MOFCOM) has announced initiatives designed to bolster micro, small, and medium-sized enterprises (MSMEs), enhance financial support, and promote sustainable development.
Enhancing financial support is crucial for MSMEs as it helps mitigate financial risks and fosters growth. China will encourage insurance companies to increase their support for “little giant” and “hidden champion” firms. Financial institutions are also being encouraged to provide greater financing support to MSMEs based on market-oriented, law-based principles. These efforts aim to diversify markets for China’s MSMEs, boost their trade skills, and enhance productivity, competitiveness, and efficiency in foreign trade activities.
In addition, China will support the import of vital machinery and energy resources to ensure industrial manufacturing stability and energy security. By increasing exports of agricultural products, China seeks to contribute to global food security. Emphasizing innovation in green trade, the country aims to cement global climate cooperation and address current global challenges. Enhanced border trade with ASEAN, Russia, and Central Asian nations will offer MSMEs and individual entrepreneurs a low-cost, high-efficiency export route.
China’s foreign trade reached 36.02 trillion yuan ($5 trillion) in the first 10 months of this year, representing a consistent 5.2 percent annual growth. Trade with Belt and Road Initiative partners, ASEAN nations, the Republic of Korea, the United States, and the European Union has seen growth rates of 6.2 percent, 8.8 percent, 6.7 percent, 4.4 percent, and 1.2 percent respectively. This demonstrates China’s active participation and role in the global trade value chain, reflecting how global growth is intertwined with foreign trade with China.
Reference(s):
cgtn.com
