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Global economic recovery powers export growth

China’s total export and import volume rose 22.7 percent year-on-year in the first three quarters of 2021, data released by the General Administration of Customs show.

China’s exports have maintained double-digit growth since turning positive in April last year. Considering the high base in the second half of last year, this is a good performance.

The Associated Press, AFP, Reuters, The Wall Street Journal and other foreign media outlets attribute China’s robust exports to continuing global demand for Chinese goods, saying the “shining moment” of China’s foreign trade has far exceeded market expectations, and that the country is reaping the dividends of bringing the COVID-19 pandemic largely under control.

Admittedly, China’s stronger-than-expected export growth is related to the recovery of the global economy and rising international demand, as indicated by the sharp rise in its exports to the United States, the European Union and the Association of Southeast Asian Nations member states.

But the credit for promoting economic recovery goes to China. It is thanks to the general containment of the novel coronavirus that China was able to resume production and other economic activities, and take measures to ensure exports continue to grow. The measures have also helped China better leverage its manufacturing advantages.

The ongoing 130th Canton Fair, the first offline exhibition to be held after the pandemic broke out, has attracted nearly 8,000 enterprises, further highlighting the global demand for “made in China” products.

China has adopted a series of measures to stabilize foreign trade, working hard to address the problems of poor international logistics and high logistics costs, while introducing special support policies to help market entities and the real economy.

A number of foreign trade transformation and upgrading bases have been set up to foster new models, such as cross-border e-commerce. Improved efforts to promote innovations and expanding foreign trade have also helped foreign trade to grow.

But despite the promising export figures, China still faces some problems, and it needs to pay special attention to them. The import growth rate was slower than expected. And while orders have soared for many companies, rising commodity prices have eroded profits.

Nevertheless, the fundamentals of the Chinese economy remain sound.

The country should continue to open up wider, and expand its circle of friends in trade and commerce. There is every reason to believe that China will continue to make unique contributions to the global economic recovery.
Source: China Daily

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