Ministry of Commerce: take multiple measures to ensure the stability and smoothness of the supply chain of the foreign trade industry chain
2022-02-18
"For some time, affected by the epidemic and other factors, the global industrial chain supply chain has been in disorder, which has a great impact on enterprises and consumers in various countries. The Ministry of Commerce will take multiple measures with local governments and relevant departments to ensure the stability and smoothness of the supply chain of the foreign trade industrial chain." Gao Feng, spokesman of the Ministry of Commerce, said at a regular press conference on February 17. Ming Ming, chief economist of CITIC Securities, analyzed in an interview with Securities Daily that the global industrial chain supply chain disorder mainly affects China's foreign trade enterprises from two aspects: on the one hand, the supply chain disorder will raise the import price and affect the import of raw materials (such as industrial metals such as copper and aluminum, energy products such as crude oil) and some intermediate products. Since the second quarter of 2021, China's import price index has been at a high level, increasing the cost burden of enterprises and compressing the profit space, thus reducing the competitiveness. On the other hand, the disorder of supply chain will reduce the efficiency of global transportation. The transportation capacity of global centralized transportation, land transportation and other transportation modes is blocked, which makes it difficult for domestic export enterprises to deliver goods, and some goods are overstocked, which poses a certain risk to foreign trade enterprises. Liu Xiangdong, deputy director of the Economic Research Department of the China Center for international economic exchanges, told the Securities Daily that to ensure the stability and smoothness of the supply chain of the foreign trade industry chain, on the one hand, we should take multiple measures to promote smooth logistics and reduce comprehensive logistics costs, including using digital and other means to overcome problems such as poor logistics; On the other hand, we should speed up the preparation for resisting the risk of supply chain interruption, including increasing reserves and self supply capacity, and reducing dependence on the global supply chain. In January this year, the general office of the State Council issued the "opinions on doing a good job in cross cycle regulation and further stabilizing foreign trade", in which six measures focused on ensuring the stability and smoothness of the supply chain of the foreign trade industry chain. For China's foreign trade situation this year, Liu Xiangdong believes that from the perspective of trend, under the influence of the high base, China's foreign trade growth is facing greater downward pressure, both the impact of weakening foreign demand and the impact of re disorder of the supply chain. Therefore, while doing a good job in epidemic prevention and control, we still need to strengthen efforts to stabilize foreign trade. "Including the implementation of policies such as tax reduction and fee reduction, we also need to accelerate the digital transformation of foreign trade enterprises and make full use of new business forms and models such as cross-border e-commerce and overseas warehouse. At the same time, we also need to actively make good use of the regional integration market brought about by the entry into force of RCEP, expand intra regional trade and provide strong support for stabilizing foreign trade." Mingming said that at present, the global supply chain is still in the process of repair, and China's exports are expected to maintain a high boom in the first half of this year. In the second half of the year, with the gradual tightening of monetary policy in overseas economies, the gradual slowdown of foreign demand and the repair of production capacity in Southeast Asia, China's export growth will face a certain risk of decline. However, considering the potential positive effect of RCEP on China's foreign trade, there is no need to worry too much about exports. "Fully benefit the preferential policies of tariff concessions in RCEP and the principle of accumulation of origin, and become the best starting point for stabilizing the current foreign trade situation." Mingming further analyzes that the corresponding origin standard of products under the RCEP agreement is "40% of regional value component", and the product value can be calculated cumulatively, which makes it easier for products to enjoy tariff preferences and promotes enterprises to actively integrate the industrial chain to a certain extent. Foreign trade enterprises can seize the corresponding opportunities to expand the scale of trade, strive to expand the production of intermediate products, and strengthen the integration in the industrial chain. Small and medium-sized enterprises can also benefit from the upstream supply chain in the area covered by RCEP. Gaofeng said that the Ministry of Commerce will actively guide enterprises to make full and good use of various policies and measures, promote import diversification, strengthen international cooperation, build mutually beneficial and win-win raw material trade channels, and help foreign trade enterprises further strengthen upstream and downstream cooperation in the industrial chain and supply chain, reduce comprehensive costs and improve their competitiveness. (Xinhua News Agency)
Edit：He Chuanning Responsible editor：Su Suiyue
Source：Securities Daily
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