China's trade with BRI economies rises faster than overall trade

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Trade between China and countries along the Belt and Road Initiative reached 8.06 trillion yuan ($1.12 trillion) in the January-July period, up 7.4 percent year on year, data from the General Administration of Customs (GAC) showed on Tuesday.

Experts said that it has brought tangible benefits to countries along the route from infrastructure construction to enhanced cooperation in new energy and green development.

As the circle of friends of the BRI continues to expand, trade between China and countries along the route will also expand, especially in the areas of the digital economy and new infrastructure.

As of the end of 2022, cumulative investment in overseas economic and trade cooperation zones built by Chinese enterprises in countries along the route amounted to $57.13 billion, creating 421,000 local jobs.

According to a report by the World Bank, benefiting from the BRI, the GDP share of emerging and developing economies increased 3.6 percentage points from 2012 to 2021. The World Bank estimates that by 2030, the BRI will generate annual benefits of $1.6 trillion for the world, accounting for 1.3 percent of global GDP.

A total of 7.6 million people will be lifted out of absolute poverty in 2015-2030, and 32 million people will be lifted out of moderate poverty as a result.

China's overall foreign trade

China's foreign trade grew by 0.4 percent year-on-year in the first seven months of 2023 to 23.55 trillion yuan ($3.28 trillion).

A relatively higher base, a slowdown in overseas demand and falling commodity prices were the major reasons behind the performance, experts said, foreseeing a potential rebound in the fourth quarter as support measures further take effect.

Exports increased 1.5 percent year-on-year in yuan-denominated terms to 13.47 trillion yuan in the period, while imports declined 1.1 percent year-on-year to 10.08 trillion yuan.

Notably, in July, exports of new-energy vehicles increased 80 percent year-on-year to 88,000, data from the China Passenger Car Association showed on Tuesday.

In the second half of 2023, China will take multiple measures to keep the nation's foreign trade and investment stable, according to a key meeting held by the Political Bureau of the Communist Party of China Central Committee on July 24.

The meeting called for supporting pilot free trade zones and free trade ports that are eligible in aligning with high-standard international economic and trade rules, and trying out more reforms and opening-up measures, the Xinhua News Agency reported.

Source: Global Times

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