China sets its sights on export boost
Speaking at a news conference in Beijing, Commerce Minister Wang Wentao said these measures will foster an open, cooperative and mutually beneficial global trading landscape that promotes shared development.
Wang said that despite external pressures, China further cemented its position as a major global trading nation, with notable progress in high-quality development during the 14th Five-Year Plan period (2021-25).
The country's foreign trade reached $6.16 trillion in 2024, up 32.4 percent from 2020, maintaining its position as the world's largest trading nation for the eighth consecutive year, according to the Ministry of Commerce.
"Chinese exporters have shown remarkable resilience, actively adapting to changes and driving transformation," he said, adding that they are accelerating product upgrades, especially by enhancing technological content, while also expanding into new markets and channels, and exploring innovative business models.
The commerce minister said that China's foreign trade-related production and supply chains have become more complete, flexible and efficient, reinforcing the country's ability to navigate external uncertainties and laying a solid foundation for sustained and high-quality trade growth.
Noting that any attempt to forcibly "decouple" economic and trade ties between China and the United States is destined to fail, Wang said the bilateral economic relationship has endured fluctuations, with cooperation remaining anchored in economic fundamentals and reflecting the shared interests and expectations of people in both countries.
As economic globalization has encountered mounting challenges and unilateralism and protectionism have continued to rise in recent years, China International Trade Representative Li Chenggang said that the world's economic order and governance system have come under significant strain.
In response, China has reaffirmed its commitment to the multilateral trading system and has worked to expand its network of high-standard free trade agreements, advancing both multilateral and regional cooperation in parallel, said Li, who is also vice-minister of commerce.
"In addition to completing negotiations on the Version 3.0 China-ASEAN Free Trade Area agreement earlier this year, China has also incorporated rules on emerging sectors such as the digital and green economy into its trade negotiations," he added.
Reflecting China's broader commitment to high-standard opening-up, foreign investment has also played a key role in supporting the country's economic development. China utilized a total of $708.73 billion in foreign investment during the 14th Five-Year Plan period by the end of June this year, reaching the target set in the national commerce development plan six months ahead of schedule.
Ling Ji, vice-minister of commerce and deputy China international trade representative, said that foreign-invested companies have contributed one-third of China's foreign trade and one-quarter of its industrial added value, while creating over 30 million jobs, making a significant contribution to the country's economic development.
In a renewed push to draw more global capital, China on Friday introduced 12 targeted measures to encourage foreign companies to reinvest in the Chinese market and boost the effective use of foreign investment.
The new policy, jointly issued by the National Development and Reform Commission and six other government bodies, said that China will support eligible foreign-invested companies reinvesting profits domestically through flexible land use, tax incentives, streamlined procedures, financial support and improved services to encourage high-quality foreign reinvestment projects.
Jiangsu Mobis Automotive Parts Co Ltd, an automobile lamp and airbag manufacturer and subsidiary of South Korea's Hyundai Mobis Co in Yancheng, Jiangsu province, has strengthened its earning capacity since joining the Authorized Economic Operator (AEO) program in 2024, with support from the local government.
The AEO program, promoted by the World Customs Organization, fosters partnerships between customs authorities and businesses to enhance supply chain security and streamline global trade through simplified procedures.
"Since joining the program, we have expanded to become a global supplier of components to more automakers in Japan and Southeast Asia," said Zheng Yinyin, a manager at the company's foreign trade unit.
The company, which employs more than 1,000 people, saw its exports soar 44.5 percent year-on-year to 430 million yuan ($60 million) between January and June, data from Nanjing Customs showed. - China Daily/ANN
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysia Sun
3 hours ago
- Malaysia Sun
U.S. reviews military cloud deals after China-linked tech report
SAN FRANCISCO, California: Microsoft announced July 18 it will no longer allow engineers based in China to provide technical assistance for U.S. military systems, following scrutiny from a U.S. senator and a newly ordered review by Defense Secretary Pete Hegseth into Pentagon cloud contracts. The move comes after investigative outlet ProPublica reported that Chinese engineers were supporting U.S. military cloud computing systems under the supervision of U.S. "digital escorts"—subcontractors with security clearances but often lacking the expertise to evaluate cybersecurity risks. The report raised concerns about potential vulnerabilities and prompted swift action from lawmakers and the Pentagon. Microsoft, one of the largest technology contractors to the U.S. government, confirmed that the arrangement had been disclosed to federal authorities during its contract authorization process. Still, in response to the backlash, the company has now pledged to overhaul its procedures. "In response to concerns raised earlier this week, we've changed how we support U.S. government customers to ensure that no China-based engineering teams are providing technical assistance," Microsoft spokesperson Frank Shaw said on X (formerly Twitter). Earlier in the day, Senator Tom Cotton, who chairs the Senate Intelligence Committee and serves on the Armed Services Committee, sent a letter to Defense Secretary Hegseth demanding clarity about contractors using personnel from China. He also requested details about how digital escorts are trained to detect security breaches. "The U.S. government recognizes that China's cyber capabilities pose one of the most aggressive and dangerous threats to the United States," Cotton wrote. He cited prior intrusions into critical infrastructure and telecom networks as justification for increased vigilance. "The U.S. military must guard against all potential threats within its supply chain, including those from subcontractors." Defense Secretary Hegseth responded swiftly, ordering a full two-week review of all Defense Department cloud service contracts to determine if any others involve China-based personnel. "I'm announcing that China will no longer have any involvement whatsoever in our cloud services, effective immediately," Hegseth said in a video posted online. "We will continue to monitor and counter all threats to our military infrastructure and online networks." The Pentagon has awarded billions in cloud computing contracts to major tech companies as part of its modernization strategy. Cybersecurity has been a growing concern after a series of high-profile hacks—some traced back to state-sponsored actors in China and Russia—targeted U.S. government and corporate systems, including Microsoft's own networks. While Microsoft maintains that proper disclosure protocols were followed, the company's use of Chinese engineers—even under supervision—has reignited debate over foreign access to sensitive military systems. The review launched by Hegseth will assess whether additional safeguards are necessary and whether similar practices have occurred with other vendors.
The Star
4 hours ago
- The Star
Ringgit ends higher ahead of US tariff negotiation deadline
KUALA LUMPUR: The ringgit closed higher against the US dollar on Tuesday, amid a mixed performance in regional currencies, as investors adopted a wait-and-see approach ahead of the United States (US) tariff negotiation deadline, an analyst said. At 6 pm, the ringgit rose to 4.2300/2370 against the greenback, compared with Monday's close of 4.2320/2365. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there is an impression that the tariff negotiations could extend beyond the Aug 1 deadline. "Asian currency performance against the US dollar was rather mixed, as the Chinese yuan, Thai baht and Korean won depreciated, while the Indonesian rupiah and the Philippines peso strengthened. "The ringgit opened on a stronger footing in the morning session, rising to as high as RM4.2273 against the US dollar. However, it hovered around RM4.2325 during the afternoon session," he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said the ringgit traded sideways as local traders remained cautious, noting that a negotiated compromise with Washington could pave the way for modest gains, especially if the tariff rate comes in below expectations. "For now, traders are marking time. But this calm will not last forever. Aug 1 is not just a tariff deadline, it is the next macro landmine on Asia's summer calendar," he added. At the close, the ringgit traded lower against a basket of major currencies. It dipped against the Japanese yen to 2.8690/8739 from 2.8612/8644, fell against the British pound to 5.7088/7183 from 5.6954/7015 and declined versus the euro to 4.9512/9594 from 4.9277/9330 at Monday's close. The local note also traded mostly lower against most ASEAN currencies. It depreciated vis-à-vis the Singapore dollar to 3.3011/3071 from 3.2990/3028, weakened against the Thai baht to 13.0899/1172 from 13.0754/0954, and edged down versus the Philippine peso to 7.41/7.43 from 7.40/7.41. The ringgit, however, traded slightly higher against the Indonesian rupiah at 259.1/259.7 from 259.2/259.6. - Bernama
Malay Mail
4 hours ago
- Malay Mail
Malaysia records 16.9m tourist arrivals in first five months of 2025, a 20.4pc increase from last year
KUALA LUMPUR, July 22 — Malaysia recorded an increase of 20.4 per cent in foreign tourist arrivals from January to May this year, with a total of 16.94 million visitors compared to 14.07 million during the same period in 2024. According to the Ministry of Tourism, Arts and Culture, the top five markets were led by Singapore, which remained the largest contributor with 8.34 million visitors, a 26.5 per cent increase compared to the previous year. 'Indonesia ranked second with 1.82 million visitors (up 10.3 per cent), followed by China with 1.81 million visitors, recording the highest growth rate of 38.8 per cent. Thailand saw 1.06 million arrivals (up 5.2 per cent), while India recorded 664,811 visitors, reflecting a strong recovery with a 32.0 per cent increase,' it said in a parliamentary written reply. The ministry added that arrivals from long-haul markets also showed strong performance, with Australia and the United Kingdom recording increases of 16.6 per cent and 8.7 per cent respectively, amounting to 198,968 and 185,197 foreign visitors. 'The increase in foreign tourist arrivals clearly reflects the effectiveness of various initiatives undertaken by the government through strategic approaches, progressive policies such as the Visa Liberalisation Plan (VLP), provision of support and incentives to industry players, and the implementation of high-impact promotional campaigns, including digital promotions and strategic collaborations with online platforms and airlines,' the ministry said. The ministry was responding to Seputeh MP Teresa Kok Suh Sim, who asked for the breakdown of foreign tourist arrivals, by country, to Malaysia from January to June 2025 compared with the breakdown during the same period in 2024 and the projected breakdown of foreign tourist arrivals for Visit Malaysia Year 2026. The ministry said it is targeting 47 million foreign tourist arrivals in 2026, with a particular focus on key markets showing high growth potential. 'These target markets include Central Asia, the Middle East, Asean, Europe, and Oceania,' it added.
