China will make full use of free trade agreements to guide exporting enterprises in exploring overseas markets, while encouraging exports of innovative, green and high-value-added products to enhance their competitiveness, the Ministry of Foreign Affairs said Thursday. Trade.
As the country’s foreign trade still faces uncertainties in the second half of the year, the government will urge related parties to reduce financing costs for enterprises and shipping costs for exporters, and accelerate the progress of tax refunds to export, said Shu Jueting, spokesman for the ministry.
Besides making good use of FTAs, such as the China-Switzerland FTA and the China-Singapore FTA, she said the government will hold international expos, including the China International Import Expo and the China Import Fair. import and export business, to help exporters expand overseas. markets and get more orders.
China’s foreign trade soared 9.4 percent year on year in the first half to 19.8 trillion yuan ($2.94 trillion), the General Administration of Customs said.
Stressing that the government will help enterprises cultivate new growth areas in foreign trade, Shu said the expansion of new business formats and models such as cross-border e-commerce, overseas warehouses, market supply, foreign trade-related services, bonded maintenance and refurbishment will further strengthen the country’s foreign trade growth to the next stage.
Diane Wang, Founder, President and CEO of DHgate Group, a cross-border B2B e-commerce marketplace in China, said earphones, LED lights, phone cases, scooters, yoga wear, wedding dresses, party supplies, cosmetic bags, fairy lights and drones were the most popular products among the company’s overseas buyers last year.
In some developing markets such as Africa, people have gone straight to social commerce, overtaking the PC-dominated era of e-commerce and the smartphone-dominated era of e-commerce. In developed markets, social commerce is also growing faster than traditional e-commerce, Wang said.
After chief negotiators from China’s Ministry of Commerce and South Korea’s Ministry of Commerce, Industry and Energy held a meeting for the second phase of bilateral FTA negotiations via video link on Wednesday, the Chinese side said the two sides have made positive progress in the talks in various fields. , such as investment, financial services and cross-border trade in services.
Chinese Commerce Minister Wang Wentao and Nicaraguan Foreign Minister Denis Moncada also signed “early harvest” agreements for a bilateral FTA via video link earlier this week. They announced the start of bilateral FTA negotiations.
Shu said the signing of the early harvest agreements, as well as the start of the FTA negotiations, is an important achievement in bilateral economic and trade cooperation since the two countries resumed diplomatic relations in December 2021.
China is willing to work with Nicaragua to complete follow-up work such as domestic legal procedures, promoting the implementation of the early harvest arrangement for the benefit of the two countries and their people as soon as possible. she declared.
Shu said joint feasibility studies for a bilateral FTA between China and Uruguay have been completed. The two sides will continue to communicate and discuss the next stage of bilateral free trade cooperation to further raise the level of bilateral economic and trade cooperation.