(MENAFN) China's foreign trade has displayed resilience in the face of global challenges, as it recorded a modest 0.03 percent increase in the volume of merchandise imports and exports over the first ten months of this year. The total trade volume reached an impressive 34.32 trillion yuan, which is approximately equivalent to 4.78 trillion US dollars. During this period, exports experienced a 0.4 percent increase, totaling 19.55 trillion yuan, while imports decreased by 0.5 percent to 14.77 trillion yuan.

In October, China's foreign trade continued to exhibit its upward trajectory, with a 0.9 percent rise compared to the previous year, reaching 3.54 trillion yuan. Notably, the Association of Southeast Asian Nations (ASEAN) remained China's largest trading partner, with bilateral trade increasing by 0.9 percent to reach 5.23 trillion yuan. However, China's trade with the European Union saw a slight decline of 1.6 percent, and trade with the United States decreased by 7.6 percent. In contrast, trade with countries participating in the Belt and Road Initiative witnessed a notable increase of 3.2 percent.

Digging into the specifics, the data reveals that China's exports of machinery and electronic products recorded a healthy 2.8 percent growth, showcasing the demand for these sectors. Furthermore, China's automobile exports experienced a remarkable surge of 88.5 percent compared to the previous year, indicating the global appetite for Chinese-made vehicles.

In a broader economic context, the International Monetary Fund (IMF) has revised its growth forecast for China in 2023 upward to 5.4 percent. The IMF cited reasons including a rebound in consumption and government support measures. Additionally, the IMF's forecast for 2024 shows China's economic growth at 4.6 percent. These positive projections reflect China's ongoing efforts to recover from the economic challenges brought about by the COVID-19 pandemic.

China has set its sights on achieving a growth rate of approximately 5 percent for this year, demonstrating a steady recovery after experiencing a decline in previous years due to the pandemic's impact. The Chinese government has taken various stimulus measures to bolster economic growth and address financial and economic challenges. In terms of monetary policy, the People's Bank of China has also conducted reverse repurchase operations, injecting 353 billion yuan into the banking system to ensure sufficient liquidity. These initiatives collectively underscore China's commitment to sustaining economic growth and stability in a dynamic global environment.

MENAFN09112023000045015682ID1107398317