According to news disclosed on the website of the Ministry of Commerce on October 18 that China's foreign trade hit a record in terms of scale and share in the first nine months of 2021. In terms of scale, China's imports and exports, exports and imports amounted to 28.33 trillion yuan, 15.55 trillion yuan and 12.78 trillion yuan respectively from January to September, all hit record highs compared with the same period in previous years. In September, imports and exports reached 3.53 trillion yuan, a monthly high. In terms of growth rate, imports and exports, exports and imports rose 22.7%, 22.7% and 22.6% respectively year-on-year, the highest level in 10 years.
（Photo Source: CFP.CN）
China's foreign trade witnessed significant improvements to the economic structure, as well as quality and effectiveness of development. The exports of high-tech and high-value-added products grew at a strong pace. The exports of mechanical and electrical products increased by 23%, accounting for 58.8%, up 0.2 percentage points, contributing 13.5 percentage points to the overall export growth.
China made innovations in the business form of foreign trade to enhance platform functionality. Cross-border e-commerce imports and exports, and market procurement exports rose 20.1% and 37.7% respectively. More than 2,000 oversea warehouses were established, covering an area of over 16,000,000 square meters. About 130 bonded maintenance projects have been completed, involving aerospace, shipbuilding, precision electronics and other fields.
China's foreign trade showed a stronger role in driving and supporting domestic economic growth and global recovery. According to the latest data from the WTO, China's import market share in the first half of this year increased by 0.7 percentage points year-on-year to 12%, contributing 15% of the incremental world imports.
2021 China International Fair for Trade in Services (hereinafter referred to as "CIFTIS") was held in China National Convention Center and Shougang Park from September 2 to September 7. This year's CIFTIS is themed "Towards Digital Future and Service Driven Development", during which exhibitions and displays, forums and conferences, promotional business talks and side events covering all 12 sectors of trade in services were held, and over 12,000 enterprises from 153 countries and regions attracted to participate in the exhibitions and conferences online and onsite.
At this CIFTIS, exhibitions and displays covering an area of 126,000 square meters, 5 summit forums and 200 forums and conferences, promotional business talks and side events were held, and 7,364 domestic and foreign enterprises attracted to participate in the exhibitions online and onsite, where fruitful outcomes were achieved, and the overall number of results and transaction amount exceeded that of the previous session.
General Secretary Xi Jinping delivered an important video speech at the Global Trade in Services Summit of 2021 CIFTIS. He profoundly expounded that trade in services has a big role to play in fostering a new development paradigm, and proposed 4 initiatives, including sharing opportunities in the growth of services trade, and promoting world economic recovery and growth.
Wang Zhihua, the second-level inspector of the Department of Trade in Services and Commercial Services of the Ministry of Commerce, said at the closing press conference that this CIFTIS sent out a positive message that China will further expand high-level opening-up. Meanwhile, this CIFTIS has built consensus on promoting the recovery and growth of global economy and trade, and important fruits of cooperation have been achieved, showcasing the achievements in trade in services as well as new technologies and applications in the service sector, enhancing the influence of CIFTIS and social awareness of trade in services, and accumulating the experience of online and offline exhibition under the condition of normalized pandemic prevention and control.
