China’s foreign trade is expected to maintain double-digit growth in May, said the Securities Daily, citing some experts on Tuesday.
The country’s exports will continue to grow at a high rate in May, due to the global economy’s recovery and China’s strong production capacity, although renminbi appreciation will pressure exports, said Securities Daily, citing Luo Zhiheng, chief macroeconomic analyst at the research institute of Yuekai Securities.
Moreover, imports in May will also maintain a high growth rate amid the domestic demand to overseas products, said Luo.
Aiming to realize carbon neutrality goals and production limitation for environment protection, the country’s demand for high-carbon products from overseas will increase, as well as the products’ price, which will also drive up imports, Luo added.
Thanks to the effective prevention and control of the COVID-19 pandemic, China took the lead in resuming work and production, which supports the foreign trade recovery, said Liu Xiangdong, a researcher with the China Center for International Economic Exchanges, to the Securities Daily.
With the recurrence of the COVID-19 pandemic in other countries, the overseas demand to medical protection and vaccine supplies remains strong, result in China’s foreign trade continues grow in double-digit, Liu said.
The country’s foreign trade will enter to an accelerated growth phase, because due to COVID-19 global production capacity can’t be released, and China has shaken off the impact of the epidemic and accelerated the recovery of production capacity which can quickly fill both the global supply and demand market, said Song Xiangqing, deputy-dean of School of Government at Beijing Normal University, said to Securities Daily.
According to the General Administration of Customs, China’s foreign trade expanded 28.5 percent year-on year-to 11.62 trillion yuan ($1.8 trillion) in the January-April period as global recovery picked up and pent-up demand was unleashed. In April, the figure reached 3.15 trillion yuan, a surge of 26.6 percent from a year earlier.