How did China's economy perform in the first half of the year? What are the new changes and features? Authoritative analysis is here

2023-07-14

The year 2023 is already half way through. Recently, various departments have successively released economic data for the first half of the year. How was China's economic performance in the first half of the year? What are the new changes and features? The reporter interviewed several authoritative experts from high-end think tanks and chief economists from research institutions to listen to their analysis and interpretation of the economic situation in the first half of the year. Let's focus on foreign trade first. The latest data shows that in the first half of this year, China's total import and export value of goods trade was 20.1 trillion yuan, a year-on-year increase of 2.1%. From the data, compared to the same period last year, China's foreign trade growth rate significantly slowed down in the first half of the year. So, how to view the 2.1% growth rate and the contribution of China's foreign trade to global trade? Faced with concerns about the slowdown in China's foreign trade growth rate from the outside world, Liang Ming, the director of the Institute of Foreign Trade at the Research Institute of the Ministry of Commerce, believes that although it appears to have been "slow" compared to the previous year, it is steadily moving forward step by step compared to the previous month. The slowdown in trade is a common challenge faced by various economies, and the difficulties are more global. In the first half of the year, against the backdrop of a significant slowdown in international demand, China's import and export scale both reached historical highs during the same period, and China's position as the world's largest country in goods trade is becoming increasingly stable. Liang Ming, Director of the Institute of Foreign Trade at the Institute of International Trade and Economic Cooperation, Ministry of Commerce: China remains a stabilizer of global trade. From the data we monitored in the first five months, for example, Japan's exports decreased by 6.4% year-on-year; Like South Korea, its exports have decreased by 13.4%. China's foreign trade has achieved positive growth, and its contribution to the growth of world trade has also been further enhanced. In the first half of the year, China's foreign trade not only stabilized its scale, but also experienced some positive changes. The rapid growth of new trade formats, models, and products has become the backbone driving China's foreign trade growth. New products represented by electric manned vehicles, lithium batteries, solar cells, and the "New Three Kinds" continue to maintain rapid growth. Liang Ming, Director of the Foreign Trade Research Institute of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce: We have monitored that the international market share of our exported pure electric vehicles has reached about 20%, so there is still a lot of room for further growth. Wang Wen, Chief Economist of Sinosure: From the perspective of the development of key industries and regions, new energy exports, vehicle exports, exports of new business types and exports of service trade all showed very strong year-on-year performance. Multiple indicators indicate that China's foreign trade vitality will further enhance. Currently, the direct impact of weakened foreign demand on China's foreign trade is still ongoing. So, what is the trend of China's foreign trade in the second half of the year? From multiple leading indicators in the foreign trade market, can China's foreign trade continue to maintain stable growth in the second half of the year? As the only policy insurance institution in China, Sinosure is an important force to protect China's foreign trade exports. The business data of enterprises are close to the front line of the market. From the first half of the year when foreign trade enterprises applied for foreign buyer quota, that is, the indicator of enterprises' insurance intention, the development vitality of foreign trade enterprises is continuously releasing. Wang Wen, Chief Economist of Sinosure: From January to June this year, Sinosure received quota applications from export enterprises

Edit:Hou Wenzhe    Responsible editor:WeiZe

Source:CCTV

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