Trade data shows resilience of China’s economy
Data released by the General Administration of Customs Monday shows China’s total trade amounted to 22.91 trillion yuan($3.24 trillion) in the first three quarters of the year, growing 2.8 percent from a year ago. The country’s exports rose by 5.2 percent to 12.48 trillion yuan and imports dropped 0.1 percent to 10.43 trillion yuan. Trade surplus of China expanded 44.2 percent during the period to 2.05 trillion yuan.
These data carry weight. The new round of high-level China-US trade talks has made substantial progress in some areas, triggering positive feedback from global markets on Monday. It is of special significance since China’s trade can still grow in a harsh environment, which demonstrates the tenacity of the Chinese economy and the effectiveness of the measures to cope with internal and external challenges. China-US trade has declined by a large margin in the first three quarters, a result of the trade war. However, China’s trade with the EU and ASEAN has grown significantly, enough to offset a drop in China-US trade. It’s worth mentioning that China’s trade with Belt and Road route countries grew 9.5 percent. The country has diversified its trade markets and optimized its structure.
Under the backdrop of the trade war, the growth of China’s exports proves the competitiveness of Chinese products. The latest WTO data shows that during the first seven months of the year, the growth rate of China’s trade surpassed that of Germany, Japan and South Korea, consolidating its status as the world’s top commodity trading country. This enables China to further restructure its economy, and master more initiatives no matter in trade talks or the trade war with the US. The most important thing is to do our own things well. It is the lesson the trade war has taught the Chinese people. China will continue to open wider and develop its market. The efforts will create a chain reaction, leading to better-than-expected results.
We have seen the arrogance of some American elites during the trade war. But the performance of the Chinese economy has made them realize that wishing of a unilateral win for the US is increasingly unrealistic. However, there are also Americans who opposed a trade war with China from the very beginning. As China’s economy shows a greater internal driving force, relying less and less on the US market, rational voices will start to influence US society and sway public opinion incited by those elites. There will always be uncertainty, but it is nothing to be feared. The Chinese economy is undergoing a historic transformation, which won’t be an easy process. But we will not be overwhelmed by the difficulties. Hard work, perseverance and an optimistic Chinese society will create a better future.
Source: Global Times