China’s robust export performance will not lose steam in the second half of the year, supported by recovering global demand and the nation’s pursuit of high-quality development, according to experts and business leaders.
The challenges foreign trade faces, such as disrupted logistics and surging commodity prices, are not likely to continue for long, as the nation’s steadily optimizing business environment and stable industrial and supply chains make it even more attractive to foreign customers amid the COVID-19 uncertainties. Imports are also forecast to perform well in the coming months, as China’s economy will expand and will also need more consumer products to meet people’s increasing demand for better lives.
As China’s adoption of multiple policy measures to support foreign trade and foreign investment, together with the sound fundamentals of the Chinese economy, will guarantee the healthy growth of exports and imports this year. Although some export orders may be transferred to other countries resuming production in the coming months, the further opening of major economies from pandemic-induced restrictions will boost global demand for China’s exports. Besides, the economic stimulus measures taken by the United States will also help drive up China’s trade with the world’s largest economy, as well as with other trading partners such as the European Union.
Growth rate slowdown in July partly to the impact of unexpected logistics disruptions from the Suez Canal blockage in March, and the monthlong suspension of operations at Yantian Port in Shenzhen, Guangdong province, due to a local COVID-19 outbreak about two months ago. Surging commodity prices are mainly caused by loosened monetary policies in countries such as the US, which cannot last long, and with adjustments in ports and freight operations to deal with the pandemic, logistics costs are also expected to stabilize and become moderate, easing the cost pressure foreign trade enterprises face.
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