ASEAN is among China's top three trade partners in the first quarter of 2018. (Photo: thejakartapost.com) Hanoi (VNA) – ASEAN, the European Union and the United States were the top three trade partners of China, which together accounted for 41.2 percent of the country’s total trade turnover in the first quarter of 2018, according to the Chinese General Administration of Customs (GAC).
China’s total foreign trade rose 9.4 percent to 6.75 trillion yuan (over 1.07 trillion USD) in the first three months of this year.
Huang Songping, a GAC spokesperson, told a press briefing on April 13 that the relatively fast trade growth was a result of a mild global economic recovery - a driver for trading activities, as well as the sound development of the domestic economy, which has boosted demand for imports.
Steady progress in the Belt and Road Initiative (BRI) and stronger trading with emerging markets also supported the growth, Huang said, as China’s trade volume with BRI countries mounted to 1.86 trillion yuan, accounting for 27.5 percent of China's first-quarter foreign trade, according to Huang.
Chinese private enterprises played a bigger role in trade by contributing 38.3 percent to the total trade, up 1.7 percentage points compared to the same period last year.
The country's less developed regions, including central and western China, all outpaced the national average trade growth during the period, he noted.
Huang said he sees rising pressure and challenges for the global economy and international trade in the second quarter due to global uncertainties and increasing protectionism while fiercer competition in the global manufacturing sector will also pose challenges for China's foreign trade.
However, he expects China's foreign trade will maintain an upward trend as the country has pledged to take measures to further open up its market and expand imports.-VNA
China’s total foreign trade rose 9.4 percent to 6.75 trillion yuan (over 1.07 trillion USD) in the first three months of this year.
Huang Songping, a GAC spokesperson, told a press briefing on April 13 that the relatively fast trade growth was a result of a mild global economic recovery - a driver for trading activities, as well as the sound development of the domestic economy, which has boosted demand for imports.
Steady progress in the Belt and Road Initiative (BRI) and stronger trading with emerging markets also supported the growth, Huang said, as China’s trade volume with BRI countries mounted to 1.86 trillion yuan, accounting for 27.5 percent of China's first-quarter foreign trade, according to Huang.
Chinese private enterprises played a bigger role in trade by contributing 38.3 percent to the total trade, up 1.7 percentage points compared to the same period last year.
The country's less developed regions, including central and western China, all outpaced the national average trade growth during the period, he noted.
Huang said he sees rising pressure and challenges for the global economy and international trade in the second quarter due to global uncertainties and increasing protectionism while fiercer competition in the global manufacturing sector will also pose challenges for China's foreign trade.
However, he expects China's foreign trade will maintain an upward trend as the country has pledged to take measures to further open up its market and expand imports.-VNA
VNA
