China’s foreign trade could see improvements in the second half amid the recent weakening of the renminbi and rising external demand, the Economic Information Daily reported Friday, citing experts.
The General Office of the State Council on Thursday issued a set of 16 opinions aimed at supporting and stabilizing foreign trade growth. The proposals cover five major aspects, including strengthening foreign trade structures, improving the trade environment, enhancing protection through policies, boosting competitiveness and nurturing organizational leadership.
Several government agencies, including the National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, State Administration of Foreign Exchange and General Administration of Customs, will unveil detailed action plans to help implement the opinions, the report said.
Experts said the opinions would further help improve foreign trade, which will benefit from rising demand from the country’s major trade partners and the central bank’s moves to punish speculators betting on the appreciation of the Chinese currency.
According to data from the General Administration of Customs, the country’s foreign trade fell 1 percent in value in the first quarter, compared with a year earlier, with the trade surplus plunging 59.7 percent to US$16.74 billion. But foreign trade rose 0.8 percent in value in April from a year earlier, and both exports and imports turned to growth from a decline in March.
The major challenge for exports this year is the weaking performance of emerging markets, which have been the biggest contributors to China’s exports in recent years, Song Hong, director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, was quoted as saying.
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