2021: China’s goods trade to hit $6 trillion,Commerce Ministry of China

China’s total merchandise imports and exports are expected to reach $ 6 trillion in 2021, the Commerce Ministry said Thursday.

The estimated figure indicates growth of more than 20% from the previous year, Vice Minister Ren Hongbin said at a press conference.

Year-over-year growth was about $ 1.3 trillion, equivalent to the combined volume of growth of the past 10 years, Ren said.

Trade relations between China and emerging markets are getting closer, with exports to these markets accounting for 49.5% of the country’s total exports in the first 11 months, Ren said of the new trends in China’s foreign trade.

Between January and November, the exports of Chinese private companies accounted for 58% of the whole, increasing the total growth rate of exports by 20 percentage points, according to the vice minister.

The country has also built more than 2,000 overseas warehouses so far to boost cross-border e-commerce, a new business model of foreign trade, Ren added.

Looking ahead, Ren said the country will designate more comprehensive pilot zones for cross-border e-commerce, build some cities or regions into offshore malls, and speed up the digitization of foreign trade.

It will also step up efforts to secure stable industrial and supply chains, improve international logistics and installation, and help business enterprises expand their presence in emerging markets such as the Association of South Asian Nations. -Is, Ren said.