Recently, a significant meeting outlined key strategic initiatives for 2024, emphasizing the importance of expanding high-level opening-up and stabilizing foreign trade and foreign investmentThis direction is aimed at providing a solid foundation for ensuring that economic growth continues its upward trajectory amid global uncertaintiesIn light of this, stakeholders are keen to implement measures that will invigorate foreign trade and sustain growth levels that have been challenging in the current environment.

Throughout the current year, China’s foreign trade has demonstrated robust resilience with quality improvements and stability in its overall volumeAccording to data released by the General Administration of Customs, the total value of goods trade in the first eleven months of this year reached an impressive 39.79 trillion yuan, marking a 4.9% increase from the previous year

Specifically, exports accounted for 23.04 trillion yuan and imports stood at 16.75 trillion yuan, reflecting year-on-year rises of 6.7% and 2.4% respectivelyThis stability is primarily attributed to the strong foundations laid by long-term developments in China's foreign trade.

From a production perspective, China's integrated advantages in its industrial and supply chains, combined with its ongoing drive for innovation, have equipped the country to swiftly adapt to changing international market demandsThe ability to modify production layouts and product structures in response to market changes provides Chinese foreign trade enterprises with a competitive edge globallyAdditionally, there has been a sustained emphasis on research and development to enhance the quality of exported products, leading to an improved reputation abroad and increased consumer trust across international markets

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This, in turn, has created a notable demand persistence for Chinese goods.

However, it is crucial to acknowledge that the global economic recovery is currently weak, with rising trade protectionism posing significant challengesUncertainties are prevalent, and these factors introduce considerable difficulties for the development of foreign trade in ChinaDespite these hurdles, favorable conditions still exist, such as a solidified competitive edge and the flourishing of new business models within foreign tradeThe continuing advancement toward digitalization and green practices in trade underpins the positive trajectory of import and export activities.

Moving forward, a multifaceted approach is vital to effectively implement existing policies aimed at stabilizing foreign trade, both in their current form and in expanding their reachStakeholders need to focus on supporting foreign trade enterprises in securing orders and broadening market presence

A harmonious synergy of policies across various levels is essential to create an effective support system.

Implementing targeted policies to stabilize foreign trade operations is imperativeIssues that foreign trade enterprises face, such as financing difficulties, reducing operational costs, and streamlining transaction processes, must be addressedThere is a need for enhanced financial support, making full use of policy loans available for small and micro foreign trade businessesContinuous improvements in financing services related to credit, disbursement, and repayment will be crucialMoreover, maximizing the role of export credit insurance can help fortify financing channels while also refining underwriting and claims conditions.

Optimizing cross-border trade settlement mechanisms will aid foreign trade firms in better managing exchange rate risksA thorough assessment of the consistency in macroeconomic policies is necessary, reinforcing collaboration between trade, fiscal, and industrial policies

Developing a comprehensive support system is key to stabilizing foreign trade.

Accelerating the cultivation of new momentum in foreign trade is equally vitalThere should be a focus on optimizing supervision models for B2B direct exports and overseas warehouses, coupled with proactive facilitation of customs, taxation, and foreign exchange regulationsSuch measures will foster an encouraging legislative environment for new business models, ultimately stimulating the growth of cross-border e-commerce and invigorating foreign trade activities.

Proactively amplifying imports is another strategic avenueThe ongoing opening up of markets for Chinese goods, services, capital, and labor needs to be systematically expanded, especially towards the least developed countriesMoreover, policies should be refined to support the import of advanced technologies and critical components, ensuring a stable flow in the import of essential goods

Innovative platforms for import facilitation should be developed, allowing for an expansion in the scope and quality of national import trade demonstration zones.

Efforts to assist in exploring international markets should gain momentum as wellIncreasing support for foreign trade companies to participate in various international trade shows can enhance visibility and networkingThis includes encouraging the organization of self-hosted exhibitions abroad, which could bolster the scale and quality of foreign trade exhibitionsFostering mobility for business personnel across borders and launching dedicated visa service centers could simplify processes and lead to bilateral visa agreements with more nations.

The commitment to high-quality development of the Belt and Road Initiative remains vitalInnovations in the trade facilitation network, together with support for expanding the routes of the China-Europe Railway Express, will be essential