How to overcome foreign trade challenges
Updated: 2016-01-08 07:58
By Zhang Haiyuan(China Daily)
|
||||||||
Fourth, the country will more actively participate in the international division of labor and competitiveness. Fifth, the growth of service trade will be higher than that of goods trade. Sixth, exports and imports will be more balanced and the proportion of trade surplus in GDP will gradually reduce. Seventh, foreign trade will contribute more to the promotion of new industrialization, sustainable economic development and people's livelihoods, instead of promoting industrialization, GDP growth and employment.
Therefore, China has to adopt a new strategy and direction based on the "new normal". To begin with, it should cultivate a new engine for growth driven by innovation, which could be its new competitive edge, and establish a new trade and economic system to facilitate free flow of essentials.
To achieve these goals, the country has to take several measures.
For example, it should stabilize the export of labor-intensive goods and increase the export of high- and new-tech products, as well as help expedite the construction of international trade routes, including the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and strengthen institutional cooperation with countries along these routes. It also needs to adopt an import strategy that facilitates the import of advanced technology and key components, and stabilizes the import of energy and resources to meet Chinese people's demands.
Moreover, China has to gain new advantages in global competition and cooperation to promote the transformation and upgrade its labor-intensive industries. Plus, it should improve the trade policy to encourage domestic brands enterprises to become an integral part of the global value chain cooperation. And it should develop the service trade by exploring new frontiers of service trade cooperation.
Lastly, it needs a fair trade environment, for which it should resolve major trade conflicts with developed as well as developing countries through negotiations. It also needs to take measures to stop some countries from taking discriminative actions against it on one pretext or the other, including their attempts to bend the rules of the World Trade Organization to hurt China's foreign trade.
The author is a researcher with Foreign Trade Research Institution, Chinese Academy of International Trade and Economic Cooperation.
- Opening-up airports and railways for growth of foreign trade
- Xinjiang sees drop in foreign trade
- China foreign trade decline contracts in November
- Yantai supports financially for development of foreign trade and e-commerce
- China foreign trade decline expands in October
- Shanxi foreign trade totals $10.91b in Q1-3
- China foreign trade decline narrows in September
- Sanmenxia sees fastest growth in foreign trade value in last eight months
- China stabilizing foreign trade through taxation
- Foreign trade through Zhanjiang port sees steady rise
- China foreign trade decline widens in August
- Global health entering new era: WHO chief
- Brazil's planning minister steps aside after recordings revelation
- Vietnam, US adopt joint statement on advancing comprehensive partnership
- European border closures 'inhumane': UN refugee agency
- Japan's foreign minister calls A-bombings extremely regrettable
- Fukushima impact unprecedented for oceans: US expert
- Stars of Lijiang River: Elderly brothers with white beards
- Wealthy Chinese children paying money to learn British manners
- Military-style wedding: Fighter jets, grooms in dashing uniforms
- Striking photos around the world: May 16 - May 22
- Robots help elderly in nursing home in east China
- Hanging in the air: Chongqing holds rescue drill
- 2.1-ton tofu finishes in two hours in central China
- Six things you may not know about Grain Buds
Most Viewed
Editor's Picks
Anti-graft campaign targets poverty relief |
Cherry blossom signal arrival of spring |
In pictures: Destroying fake and shoddy products |
China's southernmost city to plant 500,000 trees |
Cavers make rare finds in Guangxi expedition |
Cutting hair for Longtaitou Festival |
Today's Top News
Liang avoids jail in shooting death
China's finance minister addresses ratings downgrade
Duke alumni visit Chinese Embassy
Marriott unlikely to top Anbang offer for Starwood: Observers
Chinese biopharma debuts on Nasdaq
What ends Jeb Bush's White House hopes
Investigation for Nicolas's campaign
Will US-ASEAN meeting be good for region?
US Weekly
Geared to go |
The place to be |