China will implement a series of policy measures, including advancing trade cooperation in the new energy vehicle sector and upgrading the development of the processing trade, to solidify its foreign trade growth this year, government officials said. Speaking at a news conference on the 134th China Import and Export Fair, or Canton Fair, Guo Tingting, Vice Minister of Commerce, said that in response to the challenges posed by the global economic recovery slowdown and weakening demand for goods, the government will roll out new measures to facilitate the export of used cars and support domestic companies in establishing warehouses in overseas markets. The fair, with a total exhibition area of 1.55 million square meters, will be held in Guangzhou, Guangdong province, from October 15 to November 4. Highlighting the significant role of promoting trade liberalization and facilitation, Guo reaffirmed China’s commitment to firmly uphold the multilateral trading system, with the World Trade Organization (WTO) as its core. “China remains dedicated to maintaining a high level of openness to the global market and aims to expedite the development of a high-standard network of free trade zones,” she said.
President Xi Jinping has stressed efforts to actively participate in the reform of the WTO and improve the ability to handle high-level opening-up. He made the remarks while presiding over a group study session of the Political Bureau of the Chinese Communist Party. China is in the midst of a green transformation, as traditional export sectors like clothing, household appliances and furniture make room for technologically advanced and eco-friendly products, said Sun Xiao, Secretary General of the Beijing-based China Chamber of International Commerce (CCIC). Chu Shijia, Director of the Guangzhou-based China Foreign Trade Center, one of the Canton Fair organizers, said, “This shift reflects the country’s transition toward a new era of growth driven by innovation and sustainability.”
China saw steady export growth of mechanical and electrical products, such as data processing devices, cellphones and automobiles between January and August, which rose 3.6% year-on-year to 8.CNY97 trillion, accounting for 58% of the country’s total exports. In particular, exports of automobiles totaled CNY442.7 billion, up 104.4% year-on-year, according to the General Administration of Customs (GAC), as reported by the China Daily.
