BEIJING — China’s foreign trade development is expected to further stabilize and improve in 2018, despite some challenges, according to a report released by the Ministry of Commerce on its website on May 7.
On the risk side, rising protectionism and an unsteady economic recovery worldwide, along with structural problems in the domestic economy, will combine to present challenges for trade growth.
However, with emerging business trends and an improved policy environment, the stabilizing trend in foreign trade will continue to solidify, according to the report.
In the increasingly competitive global market, Chinese companies have actively adapted and embraced innovation to stay afloat.
Meanwhile, to spur trade growth, the government has introduced a string of measures to ease business procedures for exports and lower tariffs to expand imports.
In November 2018, the first China International Import Expo will be held in Shanghai, a major move for China to further open up its market.
Official data showed that China’s foreign trade volume in the first quarter of the year expanded 9.4 percent year-on-year to 6.75 trillion yuan ($1.06 trillion).