Cars wait to be loaded onto ships for overseas markets at a terminal of the Lianyungang Port in East China's Jiangsu Province on September 22, 2022. As China's auto exports climb, local port authorities have opened a 24-hour green channel to facilitate exports. Photo: CFP

Despite facing headwinds from weakening overseas demand, China remains confident over a positive growth in foreign trade in the second half of the year, boosting the recovery of the national economy, Wang Shouwen, Chinese vice minister of commerce, said on Tuesday.
 
Slowing overseas demand is now the largest source of uncertainty facing China's foreign trade, as major economies, including the US and the Europe, face economic challenges, Wang said at a press conference on Tuesday.
 
The development of foreign trade has seen increasingly complex environment, with both the global economy and international trade facing unfavorable conditions. Under these circumstances, it is necessary to roll out a new round of policies to ease pressure on businesses and stabilize foreign trade, Wang stressed.
 
The Ministry of Commerce (MOFCOM) on Tuesday launched a series of measures to support the growth of foreign trade, such as joining hands with local governments and other departments to ensure sufficient support for enterprises in epidemic prevention, energy supply, logistics and other aspects.
 
MOFCOM also stressed that it will work to facilitate firms to attend various exhibitions, enhance support for the cross-border e-commerce industry, and further improve the efficiency of goods distribution in ports and domestic transportation, so as to ensure goods could be swiftly transferred and delivered.
 
In the first eight months of the year, China's foreign trade totaled 27.3 trillion yuan ($3.8 trillion), up 10.1 percent year-on-year, which has demonstrated the strong resilience and vitality of the nation's trade, Wang noted.
 
During the first eight months of 2022, China's auto exports increased 57.6 percent year-on-year and its solar cell exports soared 92.6 percent, reflecting a solid foundation and the competitiveness of the foreign trade industries, Wang said, adding that the newly implemented Regional Comprehensive Economic Partnership (RCEP) has played an important role in boosting trade.
 
Though China has seen a slowing growth of foreign trade in August, it is worth noting that China's exports to other RCEP members in the month increased by 23 percent, 11.2 percentage points higher than the nation's overall trade growth rate in the month, Wang noted.
 
The RCEP is currently the largest free trade deal across the world, covering about 30 percent of the world's population and GDP.
 
Global Times