China’s Foreign Trade is Showing Strong Economic Resilience. According to General Administration of Customs, in the first seven months of this year, the total import and export value of China’s goods trade was 23.6 trillion yuan, an increase of 10.4% year on year. Foreign trade overcame many adverse effects and achieved rapid growth. Among them, exports denominated in US dollars in July increased by 18% year-on-year. That was higher than the general expectation of overseas media and economists. Overseas media and experts believe that the latest foreign trade data highlights the resilience of China’s economy. Furthermore, it provides support for the continued and steady development of China’s economy.
China’s growth is breaking expectations
The Wall Street Journal reported that China’s exports have shown a strong recovery trend in recent months. In addition, it still showed surprising resilience in July. Interestingly, it once again broke the global expectation of weakening demand for Chinese manufactured goods. According to official data, the year-on-year growth of China’s exports in July exceeded the expected median of the newspaper.
According to Lianhe Zaobao, China’s exports denominated in US dollars in July increased by 18% year-on-year. And it was higher than the median estimate of many professional research institutions. From January to July, the accumulated export growth rate was faster than expected. Again, it broke the expectation that the weakening of global demand would put pressure on China’s economy.
China will continue to grow even more steadily
Bambang suryono, chairman of the Asian innovation research center, an Indonesian think tank, said in an interview with Xinhua News Agency reporters that China’s latest export data showed a bright performance, indicating that China’s manufacturing capacity has rapidly recovered. Thanks to the rebound in exports, China’s economy is expected to continue to strengthen steadily in the coming months.
Weng Desheng, a current affairs commentator and columnist in Singapore, said that the latest data reflected that China’s foreign trade and economy were stable and good in the first seven months of this year, which once again proved that mutual benefit and creating win-win results are the right way to boost the world economy.
Brendan Ahern, chief investment officer of KraneShares, said that China’s latest export data is strong, which is a strong indicator of the continued growth of the world economy under the impact of bad news.
Foreign trade will make China more competitive
Nicholas lardy, a senior researcher at the Peterson Institute for international economics, a us think tank, told Xinhua that exports continued to rise beyond expectations, indicating that China’s economic competitiveness has increased.
LaRouche, founder and chairman of Schiller Institute, a German think tank, is very optimistic about China’s future economic development. He believed that the resilience of China’s economy lies in its constant emphasis on scientific and technological innovation. China regards scientific and technological innovation as the core driving force of development. It is worth learning from other countries in focusing on scientific and technological innovation and promoting sustainable development. China’s achievements show that correct development concepts and unremitting scientific and technological innovation are the source of strength for sustainable economic development.
Cai Weicai, senior vice president of KASIKORNBANK, said that China has a huge market with a large population. China’s economy has great development potential and resilience. It is commendable that China’s export trade still has a good growth during the epidemic period. While stabilizing the domestic market, China has made every effort to expand overseas markets, promote cross-border international trade and investment, and drive its own and regional economic development.
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