China’s Foreign Trade Maintains Stable Growth Amid New Policy Measures

The Ministry of Commerce recently issued the Policy Measures to Promote Stable Growth of Foreign Trade, introducing nine key initiatives aimed at further boosting foreign trade stability and high-quality development. These measures include expanding export credit insurance coverage, enhancing financing support, optimizing cross-border trade settlements, promoting cross-border e-commerce, and facilitating business personnel exchanges. These efforts are designed to solidify China’s positive foreign trade momentum while supporting the achievement of annual economic and social development goals.

Data shows that from January to October this year, China’s total foreign trade volume reached 36 trillion yuan, an increase of 5.2% year-on-year, maintaining a stable share in the global market. Wang Shouwen, International Trade Representative and Vice Minister of Commerce, noted that global trade is currently facing challenges such as rising protectionism and a trade slowdown outpacing economic growth. In response, Chinese foreign trade enterprises have embraced innovation and resilience, achieving steady growth in both volume and quality.

To support enterprises in overcoming current difficulties, the Ministry of Commerce has introduced targeted measures in collaboration with multiple government departments. Financial support stands out as a central pillar, including expanding export credit insurance coverage to prioritize small, medium-sized, and specialized enterprises, increasing trade financing, and optimizing cross-border settlement processes to mitigate foreign exchange risks. Additionally, the policy encourages cross-border e-commerce development, the establishment of smart logistics platforms, and resource-sharing services for legal and tax compliance, while promoting the export of specialty agricultural products.

Service improvement is another key aspect of these measures. By facilitating business personnel’s cross-border travel, supporting strategic cooperation between enterprises and shipping companies, and implementing measures to stabilize employment and reduce operational burdens, the government aims to enhance enterprises’ competitiveness in the global market. According to Wang, these initiatives will provide robust support for businesses in securing orders and exploring new markets, thereby fostering sustained economic growth.

The Ministry of Industry and Information Technology (MIIT) is also actively contributing to the high-quality development of industrial foreign trade. With industrial exports accounting for over 90% of China’s foreign trade, their stability is crucial to the national economy. He Hailin, head of MIIT’s Operations Monitoring and Coordination Bureau, emphasized measures such as integrating enterprises into global industrial chains, enhancing the global reputation of Chinese brands, and promoting digital and green trade to optimize resources and boost international cooperation.

The People’s Bank of China (PBOC) has likewise played a significant role in supporting foreign trade through financial measures. This year, the central bank has reduced interest rates and reserve requirements to lower financing costs for the real economy. It has also guided financial institutions to support foreign trade enterprises in equipment upgrades and green technology transformations while enhancing the cross-border RMB settlement environment. In the first three quarters of this year, cross-border RMB trade payments increased by 15% year-on-year, reflecting the growing impact of RMB settlement on trade facilitation.

Looking ahead, government agencies will continue their coordinated efforts to improve policy mechanisms, enhance enterprise competitiveness, and drive high-quality foreign trade development. These initiatives aim to ensure the stability of global industrial and supply chains while providing China’s solutions to shared global challenges. As He Hailin concluded, “Open cooperation is the key to mutual benefit. We will deepen international exchanges in the industrial and information sectors, injecting new momentum into the global economy.”