China’s total import and export value with Countries along the Belt & Road Routes maintained a positive growth in the first 11 months of 2020, according to the data released by Chinese customs authority on Monday.
Statistics released by the General Administration of Customs of China (GACC) showed that China’s accumulated import-export value with countries along the Belt & Road Routes has reached 8.45 trillion yuan (about 1.29 trillion U.S. dollar) from January to November this year, a 1.2 percent rise year-on-year.
GACC said that the country’s total import-export gross value from January to November this year have topped 29 trillion yuan (about 4.44 trillion U.S. dollars), up 1.8 percent year-on-year, maintaining positive growth trend on foreign trade with major partners and countries along the Belt & Road Routes.
A foreign trade system with close regional cooperation and diversified trade framework is stepping up in the country. In the factory of a computer manufacturing company in central China’s Hunan Province, workers have been very busy assembling laptop computers. The products will soon be shipped to countries along the Belt & Road Routes after quality checks.
The coronavirus pandemic has kept many people around the world at home, which enhances the demand for computers and has brought more and more orders to the company.
“We have exported almost 1 million tablets and nearly 300,000 laptops, with the import and export total value nearly hitting 850 million yuan from January to November, a 57 percent increase over the same period last year.
Among the trade partners, we have taken the most export orders from the countries along the Belt & Road Routes such as Kazakhstan and Malaysia, and have seen the export trade with the fastest growth, ” said Zhou Bo, production chief inspector of Hunan GreatWall Computer System Co., Ltd, an electronic device manufacturer based in the province’s Zhuzhou City.
Enterprises in Hunan have been focusing on Foreign Markets especially those in countries along the Belt & Road Routes. Exports from the province to those countries alone have maintained a double-digit year-on-year growth this year.
“The Hunan Province has seen an obvious surge on its export towards countries along the BRI. The exports have now exceeded 100 billion yuan, weighing more than one fourth of the province’s import-export total value,” said Li Quan, commissioner of Changsha Customs.
The Association of Southeast Asian Nations (ASEAN) remained China’s largest trading partner during the period, followed by the European Union, the United States, Japan and South Korea.
The bilateral trading value between China and ASEAN accounted for 14.6 percent of China’s total foreign trade value.
“In the first 11 months this year, China’s imports and exports with major trading partners and countries along the Belt and Road routes have maintained positive growth, with the international market layout of Chinese companies improving.
China expands opening up continuously, protects and furthers its economic and trade cooperation circle, and deepens multilateral, bilateral and regional cooperation, with fruitful results achieved.
The successful signing of the Regional Comprehensive Economic Partnership (RCEP) has strongly pumped up the confidence in economic growth among the relevant parties, and also offered massive boost for China to build a new open economic system in the new era, and form a new dual circulation development pattern in which domestic circulation serves as main body, and two circulations promote each other,” said Li Kuiwen, Director General of GACC’s Department of Statistics and Analysis.