Steps to lift trade will spur exports

China's latest measures to boost foreign trade, coupled with the sector's strong growth in the fourth quarter, will secure the country's exports and jobs in 2024, said analysts and business leaders on Wednesday.

The country in the past had emphasized long-term advantages, such as a well-developed industrial system and competitive labor quality, for foreign trade growth. However, it is currently paying more attention to new trade drivers and seeking additional growth avenues for exports, they added.

As positive factors continue to take effect in the fourth quarter, China's foreign trade value reached 3.7 trillion yuan ($515 billion) in November, up 1.2 percent year-on-year, data from the General Administration of Customs showed.

The Belt and Road Initiative, the Regional Comprehensive Economic Partnership, China's pilot free trade zones, the annual China International Import Expo, tech-intensive green product industries and cross-border e-commerce have all turned into new drivers of China's foreign trade, said Huang Jianzhong, deputy secretary-general of the Beijing-based China Association of International Trade.

At the annual Central Economic Work Conference held in Beijing from Monday to Tuesday, Chinese leaders stressed that, among the top priorities for 2024, efforts should be made to foster new drivers of foreign trade, consolidate the overall performance of foreign trade and foreign capital, and expand intermediate goods trade, services trade, digital trade and cross-border e-commerce exports.

Wei Jianguo, vice-chairman of the China Center for International Economic Exchanges in Beijing, said the tone-setting meeting highlighted the trade of intermediate goods, a vital but neglected aspect of business in the past. Since products usually involve multiple countries and stages of production, more trade in intermediate goods can enhance the country's export capacity.

With continued improvements in China's technological capabilities, and the advancement of industrial transformation and upgrading, some components of final products can also be processed in Europe and the United States. This will contribute to a global division of labor, further expanding foreign trade and attracting global capital, he said.

The bounce-back seen in the global economy and a gradual elimination of the "scarring effect" caused by the COVID-19 pandemic have boosted China's trade flow in recent months, said Zhang Xiaotao, dean of the School of International Trade and Economics at Central University of Finance and Economics.

Policies that keep foreign trade steady, the adaptation and active responses of different market players to unpredictable factors, and new opening-up measures will ensure China's foreign trade growth next year, he said.

Driven by innovative efforts and free trade deals such as the RCEP agreement, Fujian province exported 3.79 billion yuan ($527.42 million) worth of umbrellas to more than 150 countries and regions in the first quarter of 2023, up 8.26 percent year-on-year, data from the local government showed.

"For young consumers, umbrellas are no longer just functional tools, but also tools to show their personality, especially in countries such as South Korea, Malaysia, the United Kingdom and France," said Xu Weibin, a sales manager at Fujian Integrated Umbrella Co Ltd, which is based in Jinjiang, Fujian province.

Wang Xiangpeng, president of the Jinjiang Umbrella Industry Association, said Jinjiang's umbrella manufacturers have continued to invest in research and development in recent years, using new materials like glass fiber to enhance the functionality and aesthetics of the products.

"Several companies have also embarked on the road to build independent brands, promoting the countertrend growth of the umbrella industry," he said.

Speaking at an economic forum in Beijing on Wednesday, Tang Wenhong, assistant minister of commerce, said China has made notable progress in stabilizing and enhancing its foreign trade structure, paving the way for potential positive growth throughout the whole year.

zhongnan@chinadaily.com.cn