China's foreign trade is showing good growth momentum

Zhang Jianping, Vice Chairman of the China Society for Social and Economic System Analysis, pointed out that China's foreign trade showed a good growth trend in the first half of the year. Looking ahead to the second half of the year, he believes that China's current comprehensive comparative advantage in foreign trade is obvious, and he is also full of confidence in China's stable foreign trade work in the next stage.

The semi annual report on the Chinese economy released on the 17th showed that in the first half of the year, China's import and export scale exceeded 20 trillion yuan, and the total import and export of goods reached 20.1 trillion yuan, setting a new historical high for the same period, with a year-on-year increase of 2.1%. Among them, exports increased by 3.7%, and their proportion in the global export share remained basically stable.

Zhang Jianping pointed out through analysis that in the first half of this year, although the demand of the US and European markets significantly contracted and downward pressure on foreign trade increased, China's foreign trade data in the first half of this year still maintained a good growth trend, which was mainly due to the support of policy synergy and systematic policy combination, as well as the initiative of key foreign trade provinces and foreign trade enterprises to seize orders, RCEP's expansion of the "the Belt and Road" market, etc.

Affected by the global foreign trade market environment, he stated that many Asian economies, such as South Korea and Southeast Asian countries, are also facing significant downward pressure on their foreign trade. In this regard, China needs to further do a good job in stabilizing the scale and optimizing the structure of its foreign trade. In his view, China's current comprehensive comparative advantage in foreign trade is obvious, with a certain degree of industrial scale effect and agglomeration effect; At the same time, China's efficiency in organizing global supply and value chains also has significant comparative advantages globally, which will add more confidence to China's efforts to stabilize foreign trade.

While doing a good job in stabilizing foreign trade, Zhang Jianping also stressed the importance of consumption for China's economic growth this year. He pointed out that in the current consumption of Chinese residents, the proportion of goods consumption is relatively high, and there is still room for growth in service consumption.

If we compare the markets of China and the United States, we can see that the size of China's retail market is almost on par with that of the United States. It is expected that in a short period of time, China will become the world's largest retail market. However, it should be noted that there is still a significant gap in the size of China's service consumption market compared to the United States. Currently, domestic demand for tourism, leisure and vacation, medical care, big health, elderly care, education and training, and culture are all rapidly increasing Rapid development, these will become very important areas for China to stabilize economic growth and employment