context: Against contracting global demand and challenging geopolitics, foreign trade dropped five percent in 2023 compared to 2022, reports PRC Customs data. As exports support a sizable portion of the general public's income, boosting trade will remain high on Beijing's agenda.
'It is our position that foreign trade will remain in a very challenging juncture in 2024', notes Wang Wentao 王文涛 MofCOM (Ministry of Commerce) minister in a Two Sessions press conference. Given the 'new three' exports rose 30 percent y-o-y last year, more steady growth this year may be more realistic than a rapid surge, Wang adds.
To boost foreign trade, Wang outlines MofCOM's 2024 priorities
- strengthen financial services for trade enterprises
- especially SMEs
- trade facilitation
- enhance the role of trade exhibitions and encourage firms to participate in domestic and overseas exhibitions
- enhance information dissemination and trade promotion
- launch country-specific trade guides
- facilitate visa applications for business personnel and support trade matching schemes
- expand trade in intermediate goods
- deepen supply chain cooperation with other countries
- promote cross-border e-commerce exports
- improve policies on customs clearance, taxation and foreign exchange
- improve standards for digital trade via piloting in special zones
- develop green trade
- support low carbon products and green transformation for forms
- build green trade public service platforms