Optimization of China’s foreign trade structure to be in focus in 2017

Almaty. January 23. Silkroadnews – Stabilization of growth, transition to new sources of growth, optimization of structure and strengthening of the base will be the major development directions in the foreign trade sector in 2017, the newspaper “People’s Daily” reports.

Speaking at the annual China working session on export and import, Vice Minister of Commerce, Zhong Shan, said, this year it was quite hard to reach stabilization and trend for exports and imports improvement, taking into account foreign trade’s complex situation. The rate of reduction of the state’s foreign trade volume has been slowed by 6.1 percentage points compared with a decline recorded in 2015. Stabilization rates are better observed if looked at within the quarters split: in I quarter of the year the volume of foreign trade decreased by 8.1%, in II and III quarters – by 1.1% and 0.8% respectively, and in IV quarter it grew by 3.8%.

Zhong Shan also added, China’s foreign trade is now entering a new stage, thus, it is necessary to think strategically and move the focus from short-term indicators of growth to the long-term settlement of the structure. The state should continue to look for new drivers of growth, deepen structural reform on the supply side of foreign trade, increase strength and boost foreign trade sustainable development.

Assistant Minister of Commerce Zhang Ji told about the tasks planned for 2017 in the sector of foreign trade. The special emphasis will be placed on four areas: stabilization of foreign trade growth, transition to new sources of growth, optimization of trade structure and strengthening the base.