Upgrading trade to deepen global recovery (2)

Purchasers get to know China's new energy vehicles during the 133rd China Import and Export Fair in Guangzhou, Guangdong province, on April 15. [PHOTO by LIU DAWEI/XINHUA]

Like heads of many domestic companies, he has been busy booking booths at and participating in large trade shows such as the China Import and Export Fair (Canton Fair), the Appliance &Electronics World Expo and the China International Industry Fair to land more orders. He has also been spending a lot of time to develop cost-effective products for clients in Southeast Asia, Latin America and the Middle East.

Thanks to China's optimized COVID-19 management policy, the operation of new shipping routes and fast-growing business sectors like new energy vehicles and solar batteries, the country is expected to further vitalize companies in the foreign trade sector while forging stronger trade cooperation with developed as well as emerging economies, market watchers and government officials said.

They said such endeavors will expand and upgrade China's trade and also will be conducive to global economic recovery, amid negative factors like protectionism and geo-economic fragmentation.

Supported by resurgent overseas demand, closer business ties with emerging markets and various efforts for industrial upgrade, China's foreign trade grew by 5.8 percent year-on-year to 13.32 trillion yuan ($1.92 trillion) in the first four months of 2023; exports rose 10.6 percent on a yearly basis to 7.67 trillion yuan, and imports edged up 0.02 percent year-on-year to 5.65 trillion yuan, data from the General Administration of Customs showed.

With many foreign retailers running out of stock since late last year, a large number of global businesspeople have started to order from Chinese exporters, said Bai Ming, deputy director of international market research at the Beijing-based Chinese Academy of International Trade and Economic Cooperation.