People select agricultural products in Yiwu, east China's Zhejiang Province, Jan. 3, 2017. (Xinhua/Tan Jin)
BEIJING, Feb. 22 (Xinhua) -- When China overtook United States as the world's top goods trader in 2013, the country's celebrations were led by Commerce Minister Gao Hucheng.
On Tuesday, in response to the news that the United States had retaken the lead by about 20 billion U.S. dollars in 2016, Gao was more sanguine: For major trading powers, short-term data anomalies are perfectly normal.
Gao is more focused on a change of trajectory. China is weaning itself off its dependence on cheap exports and foreign money. For the past thirty or forty years, China has been the acknowledged master of sustained growth. The trick now is to move up the value chain and convert that "sustained" into "sustainable."
Fluctuations in exchange rates and commodity prices drove China's exports and imports down in 2016, but as Gao says, it is no longer about blind expansion. It is about resources, it is about the environment. The era of "damn the torpedoes, full steam ahead" development has ended.
Today, says Gao, growth must come through quality and efficiency. Cheap labor, land and resources are no longer the order of the day. Now, a significant portion of China's trade involves imported raw materials and assembly of imported parts into finished products that are then re-exported.
Labor and land costs are rising rapidly. The old pattern is failing. Dirty factories harm the environment. Foreign trade relies on foreign exchange that brings uncontrollable vulnerability. Protectionists circle like vultures.
The solution lies in higher value-added and higher quality products. Progress is already noteworthy.
In 2016, exports of large and heavy equipment grew steadily. This progress was shadowed by growth in aerospace and optical communication products. Processing trade -- putting together imported bits and pieces of other countries' products and shipping them overseas again -- slipped to less than one third of total trade.
Export standards have improved, along with techniques, brands and services in what Gao Hucheng describes as a "historic transformation."
The rest of the world could benefit from China's sustainable strategy, as "Made in China" makes a semantic shift from "cheap and shoddy" to "reasonable and reliable."
China hopes to import 8 trillion U.S. dollars of goods in the next five years. Chinese travellers overseas will carry with them huge amounts of revenue for entrepreneurs at their destinations.
What China seeks is common prosperity: a community of shared future for mankind. That will inevitably mean coordination, consistency of governance and economic globalization: an open, inclusive, balanced society that benefits us all.
As protectionism rears its ugly head, new setbacks are on the horizon.China will not waver from restructuring nor from its commitment to open trade and free trade for all.
Related:
Economic Watch: January data show Chinese economy on track for steady growth
BEIJING, Feb. 16 (Xinhua) -- A string of economic indicators in January paint a rosy picture of the world's second largest economy with steady growth and reform progressing, but keeping up the good work remains no easy task.
China's economic performance in the first month of 2017 surprised the market in several ways, from expanding factory activity to recover台中通馬桶ing trade and rising corporate financing demand.? Full story
News Analysis: Corporate performance reveals positive changes in Chinese economy
BEIJING, Jan. 24 (Xinhua) -- With a raft of macroeconomic figures pointing to better economic structure and stronger momentum, the performance of Chinese companies offers a glimpse into the health of the economy from a micro perspective.Full Story
China's service sector shines despite slowing economy
BEIJING, Jan. 22 (Xinhua) -- Despite a slowing economy, China's service sector was eye-catching in terms of growth, investment attraction and tax contribution in 2016, an official said Sunday.Full Story
China Focus: China's foreign trade stabilizing amid trade protectionism concerns
BEIJING, Jan. 13 (Xinhua) -- China's foreign trade stabilized and returned to growth in the fourth quarter of 2016, but concerns are looming on rising trade protectionism that is likely to bring uncertainties to the new year's outlook.
Total foreign trade value was up 3.8 percent in the last three months of 2016, data from the General Administration of Customs (GAC) showed Friday.??? Full story
People select agricultural products in Yiwu, east China's Zhejiang Province, Jan. 3, 2017. (Xinhua/Tan Jin)
BEIJING, Feb. 22 (Xinhua) -- When China overtook United States as the world's top goods trader in 2013, the country's celebrations were led by Commerce Minister Gao Hucheng.
On Tuesday, in response to the news that the United States had retaken the lead by about 20 billion U.S. dollars in 2016, Gao was more sanguine: For major trading powers, short-term data anomalies are perfectly normal.
Gao is more focused on a change of trajectory. China is weaning itself off its dependence on cheap exports and foreign money. For the past thirty or forty years, China has been the acknowledged master of sustained growth. The trick now is to move up the value chain and convert that "sustained" into "sustainable."
Fluctuations in exchange rates and commodity prices drove China's exports and imports down in 2016, but as Gao says, it is no longer about blind expansion. It is about resources, it is about the environment. The era of "damn the torpedoes, full steam ahead" development has ended.
Today, says Gao, growth must come through quality and efficiency. Cheap labor, land and resources are no longer the order of the day. Now, a significant portion of China's trade involves imported raw materials and assembly of imported parts into finished products that are then re-exported.
Labor and land costs are rising rapidly. The old pattern is failing. Dirty factories harm the environment. Foreign trade relies on foreign exchange that brings uncontrollable vulnerability. Protectionists circle like vultures.
The solution lies in higher value-added and higher quality products. Progress is already noteworthy.
In 2016, exports of large and heavy equipment grew steadily. This progress was shadowed by growth in aerospace and optical communication products. Processing trade -- putting together imported bits and pieces of other countries' products and shipping them overseas again -- slipped to less than one third of total trade.
Export standards have improved, along with techniques, brands and services in what Gao Hucheng describes as a "historic transformation."
The rest of the world could benefit from China's sustainable strategy, as "Made in China" makes a semantic shift from "cheap and shoddy" to "reasonable and reliable."
China hopes to import 8 trillion U.S. dollars of goods in the next five years. Chinese travellers overseas will carry with them huge amounts of revenue for entrepreneurs at their destinations.
What China seeks is common prosperity: a community of shared future for mankind. That will inevitably mean coordination, consistency of governance and economic globalization: an open, inclusive, balanced society that benefits us all.
As protectionism rears its ugly head, new setbacks are on the horizon.China will not waver from restructuring nor from its commitment to open trade and free trade for all.
Related:
Economic Watch: January data show Chinese economy on track for steady growth
BEIJING, Feb. 16 (Xinhua) -- A string of economic indicators in January paint a rosy picture of the world's second largest economy with steady growth and reform progressing, but keeping up the good work remains no easy task.
China's economic performance in the first month of 2017 surprised the market in several ways, from expanding factory activity to recovering trade and rising corporate financing demand.? Full story
News Analysis: Corporate performance reveals positive changes in Chi台中抽化糞池nese economy
BEIJING, Jan. 24 (Xinhua) -- With a raft of macroeconomic figures pointing to better economic structure and stronger momentum, the performance of Chinese companies offers a glimpse into the health of the economy from a micro perspective.Full Story
China's service sector shines despite slowing economy
BEIJING, Jan. 22 (Xinhua) -- Despite a slowing economy, China's service sector was eye-catching in terms of growth, investment attraction and tax contribution in 2016, an official said Sunday.Full Story
China Focus: China's foreign trade stabilizing amid trade protectionism concerns
BEIJING, Jan. 13 (Xinhua) -- China's foreign trade stabilized and returned to growth in the fourth quarter of 2016, but concerns are looming on rising trade protectionism that is likely to bring uncertainties to the new year's outlook.
Total foreign trade value was up 3.8 percent in the last three months of 2016, data from the General Administration of Customs (GAC) showed Friday.??? Full story
台中馬桶不通
AUGI SPORTS｜重機車靴｜重機車靴推薦｜重機專用車靴｜重機防摔鞋｜重機防摔鞋推薦｜重機防摔鞋
AUGI SPORTS｜augisports｜racing boots｜urban boots｜motorcycle boots
文章標籤
全站熱搜
留言列表
