China’s Import and Export to “One Belt One Road (OBOR)”Increased Rapidly by 20.1%
According to the “China’s Foreign Trade Situation Report (Autumn 2017)” jointly released by the Integrated Division of China’s Ministry of Commerce and the Institute of International Trade and Economic Cooperation on November 6, China’s import and export to the countries along OBOR rapidly grew in the first three quarters of this year .
OBOR construction has strengthened China’s trade ties with other countries along its routes. In the first three quarters, China’s import and export to other countries along the routes increased by 20.1%, 3.5% higher than the overall growth rate of imports and exports. Among them, the import and export of ASEAN increased by 19.2%, the import and export of India increased by 25.9%, the import and export of Russia and Central Asia increased by 27.7% and 23.6% respectively.
The overall situation of China’s foreign trade operation in the first three quarters of this year shows that the total value of imports and exports is 20.29 trillion yuan, an increase of 16.6% over the same period of last year. Among them, the value of exports is 11.16 trillion yuan, a yoy increase of 12.4%; the value of imports is 9.13 trillion yuan, a yoy increase of 22.3%; the trade surplus is2.03 trillion yuan, narrowing 17.7%.
The first three quarters of import and export continued to stabilize mainly due to the following factors: first, external demand increased again; second, steady growth in domestic demand; third, the continued emergence of the policy effect; fourth, enterprises, structural adjustment accelerated.
The report predicts that for the full year of 2017, China’s foreign trade will be able to achieve the expected goal of stabilizing itself. In 2018, the development of foreign trade faces both new opportunities and many challenges.
At present and for a period of time to come, China’s foreign trade is at a crucial stage of accelerating structural readjustment and continuing transformation of old and new energy, and its long-term developing fundamental has not changed.
At the same time, OBOR has been further promoted and the mutually beneficial cooperation between China and other countries in the world has deepened further, which will provide new broad space for the development of foreign trade.