China Has Become The World's Top Trading Power

- Oct 07, 2019-

China ranks first in the world in total foreign trade, as one of the exporters of switch & socket, I believe that JUNON Switch also contributed a lot to this.

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"Our country's total import and export in 1950 was only 1.13 billion U.S. dollars. The scale was very small. By 2018, it reached 4.6 trillion U.S. dollars and became the world's top trading power. "At the same time, China's trade structure has been continuously optimized, electromechanical products, high-tech products have become the main export body, and private enterprises have become the main force in foreign trade," Zhong Shan said.

In the first eight months of this year, China's total import and export volume reached 20.1 trillion yuan, an increase of 3.6 %. Globally, Chinese exports are growing faster than the rest of the world's major economies.

In addition, with the recent escalation of trade frictions between Japan and South Korea, the progress of China-Japan-ROK free trade agreement negotiations has also received much attention. In this regard, Wangshouwen said that the three parties reached a consensus to speed up the pace of negotiations, and the China-Japan-ROK free trade agreement negotiations should be a comprehensive, high-level, mutually beneficial, beyond the RCEP. At present, the three parties have determined that negotiations in the field of trade in services and investment should be conducted in a negative list, and should be held in South Korea as soon as possible. We hope to hold another round of negotiations in China within the year. "We believe that on the basis of the RECP negotiations, The negotiation of the China-Japan-ROK FTA will have a better basis. "

Regarding the Sino-U.S. trade negotiations that affect the sensitive nerves of the global market, Wangshouwen revealed that a week after the National Day, Deputy Prime Minister Liuhe will lead a delegation to Washington to hold the 13th round of China-US high-level economic and trade consultations. Recently, the economic and trade teams of the two sides held vice-ministerial consultations in Washington, where they held constructive discussions on economic and trade issues of common concern and exchanged views on the specific arrangements for the 13th round of high-level economic and trade consultations.

The Chinese stock of direct investment in Africa has exceeded 46 billion U.S. dollars, and JUNON switch main market also Africa.

Over the past 70 years, China and Africa have established strong trade relations. Mr Qiankeming said China had been Africa's largest trading partner for 10 consecutive years and Africa was an emerging investment destination for Chinese companies. By the end of 2018, China's stock of non-direct investment had exceeded US$ 46 billion, and more than 3,700 Chinese companies had invested in Africa. Africa has become China's second largest overseas contract market, with new contracts reaching $78.4 billion in 2018.

How will China-Africa economic and trade relations be further consolidated and developed in the future? Mr Qiankeming said there were three plans: first, to support Africa's ability to nurture endogenous growth. In the future, it will be driven by industrial cooperation to support the transformation of Africa's economic structure, especially the development of industrialization. At the same time, it will focus on infrastructure development and support Africa in accelerating the process of connectivity and integration. The African Free Trade Agreement is already under way, as are the next regional aviation and regional infrastructure connectivity initiatives.

The second is to pool the resources and forces of all parties. In the past, it was mainly the central government. In the future, it will shift from the government to the government, enterprises, financial institutions, business associations and civil society. It will fully mobilize external resources and steadily carry out tripartite cooperation with Africa.

Finally, we will promote the transformation and upgrading of the cooperation model. Including deepening investment cooperation with Africa, actively promoting more local and private enterprises to invest in Africa, creating employment, creating foreign exchange, and promoting the model of economic and trade cooperation zones; We will continue to expand China-Africa trade and take many initiatives to expand imports of African non-resource products. We will strengthen infrastructure development, gradually shift the cooperation approach from a purely EPC to a comprehensive approach of BOT, PPT and investment and construction, and guide financial institutions and enterprises to develop innovative modes of cooperation in investment and financing.

Hope in the coming years, China will keep to be the top 1 on the world trade, and JUNON switch’s export business will also keep to be good.