China's exports and imports returned to growth trajectories in Januarythanks to timely policies promoting steady trade growth and the country'sgrowing demand for industrial materials and commodities, officials and analystssaid on February 14.
The country'stwo-way trade in goods surged 8.7 percent year-on-year to 2.73 trillion yuan($395.98 billion) in January, the General Administration of Customs said onFebruary 14.Exports rose 13.9 percent year-on-year to 1.5 trillion yuan ($221billion) last month, while imports grew 2.9 percent to 1.23 trillion yuan ($181billion).
China's opening-up efforts and pro-trade policies along with acceleratedindustrial upgrading and improved corporate vitality will provide steam for thecountry's trade performance this year, said Chu Shijia, director-general of thecomprehensive department of the Ministry of Commerce.
Bai Jingming,Vice-President of the Chinese Academy of Fiscal Sciences, said China'sindividual income tax reforms and measures to support private companies canfurther stimulate growth potential for both imports and exports in 2019.
The monthlytally was partly spurred by the fact that many companies rushed to completeorders before the weeklong Spring Festival, which fell earlier than usual thisyear, said Wen Bin, chief researcher at China Minsheng Bank.China's exports recorded a mere 0.2percent growth in December, while imports slumped 3.1 percent." Thesignificant growth in exports in January, despite ongoing uncertainties createdby trade tensions, also reflects that the tenacity ofChinaexports is improving alongwith its structure."
The growth ofChina'sexports to the European Union jumped 20.5 percent year-on-year in January. Thegrowth ofChina's exports totheUnited Statesalso jumped 1.9 percent from same period a year earlier.China's exports ofmechanical and electrical products grew 11.5 percent year-on-year to 857.51billion yuan ($126 billion) in January, making up 57.1 percent of the country'stotal exports.
"Chinahas already stopped focusing on the growth of its trade volume, and pays moreattention to added value, brand building and structural optimization, so thatthe country can realize a transformation from being a big trading nation to astrong one," said Xue Rongjiu, deputy director of the Beijing-based ChinaSociety for WTO Studies.
Imports ofcrude oil, coal, natural gas and plastics maintained swift growth in January. Thevigorous growth of energy and resources product imports has benefited fromdomestic market demand and eased resource constraints in economic development.