context: China's trade in goods and trade in services are first and second in the world respectively. The report of the 20th Party Congress stated an aim to 'optimise and upgrade trade in goods, develop new mechanisms for trade in services, and promote digital trade, in order to accelerate China’s transformation into a strong trade country'.
Foreign trade is, directly and indirectly, creating more than 180 million jobs in China and nurturing higher income for residents, says Wang Wentao 王文涛 Minister of Commerce, noting imports will exceed C¥17 trillion in 2021, 11.9 percent of the world's total. A large number of high-quality consumer goods, advanced technical equipment, key components and energy resources are imported, which not only meet the needs of industrial upgrading but also meet the needs of consumption upgrading, he says. Efforts to become a strong trade country must continue to accelerate, he says, noting priorities are to
- optimise and upgrade trade in goods
- innovate modes of trade in services
- develop digital trade
- deepen international economic and trade cooperation
- improve risk prevention and control capabilities