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July 29th, 2024 source: China Economic Weekly
Return to listReported by Shi Qingchuan from China Economic Weekly | Chongqing
On July 12th, the General Administration of Customs of China released foreign trade data for the first half of 2024. The total import and export volume of China's goods trade increased by 6.1% year-on-year. Among them, exports amounted to 12.13 trillion yuan, an increase of 6.9%; The trade surplus is 3.09 trillion yuan, an increase of 12%. In the first half of the year, China's import and export scale exceeded 21 trillion yuan for the first time in history.
From the perspective of trading partners, the total trade value between China and its largest trading partner ASEAN still increased by over 10% year-on-year, leading the top four trading partners in terms of growth rate, despite having a relatively high base. The further warming of trade between ASEAN and China has also made foreign trade in the western region, which has geographical advantages, more active.
South Asian and Southeast Asian buyers come to China for centralized procurement
On July 9th, Vice Minister of Commerce Li Fei announced at the press conference of the 8th China South Asia Expo (hereinafter referred to as the "Expo") that the trade volume between China and South Asian countries will reach nearly 200 billion US dollars in 2023, doubling from 2013. China's position as the largest trading partner of countries such as Pakistan and Bangladesh continues to consolidate.
On July 15th, Wang Qijun, General Manager of Junfa Commercial Division, the operator of Junfa New Luosiwan International Trade City (hereinafter referred to as "New Luosiwan"), was preparing for the final preparations before the South China International Fair. For him, the South China International Fair will bring more opportunities for Xinluosifan to "go global". Xinluosifan is located in the Kunming area of the China (Yunnan) Pilot Free Trade Zone and is one of the pilot markets for procurement and trade in the Chinese market. A large number of regional general agents gather here, and it has also become one of the preferred places for Southeast Asian and South Asian businessmen to purchase.
Because Southeast Asia and South Asia are relatively close to Yunnan, many neighboring foreign trade companies will come to Yunnan for centralized procurement according to their own country's needs. We have encountered many similar situations, such as the high demand for small household appliances, daily necessities, shoes and hats produced in China from countries such as Laos, Myanmar, Cambodia, Bangladesh, Nepal, etc. At its peak, there were hundreds of foreign buyers living and living near Xinluosi Bay, just to purchase corresponding materials, "Wang Qijun told China Economic Weekly reporters.
The demands of these foreign buyers contain enormous commercial value. They understand the needs of their own countries and have a large centralized procurement volume, which is why Wang Qijun attaches great importance to this year's South China International Fair. New Snail Bay will be one of the centralized procurement points for this year's South China International Fair. Prior to this, we also specifically visited South Asian countries for inspection, hoping to further expand the market through the construction of overseas shopping malls, overseas warehouses, and other forms, "said Wang Qijun.
We plan to expand more overseas market partners and establish a more efficient supply chain management system within one year. Within three years, we aim to become a new commercial center in Kunming and an important commercial carrier area radiating to South Asia and Southeast Asia. In the future, we aim to transform from a channel distributor market to an international small commodity free trade center, a digital trade innovation center for South Asia and Southeast Asia, and an international small commodity supply chain. Wang Qijun believes that such a goal is not out of reach, as he has already seen import demand from Southeast Asia and South Asia.
Another reason that gives Wang Qijun confidence is the gradual increase in the scale of "border trade". According to Wang Qijun's estimation, at its peak, at least 20 billion yuan of goods in Xinluosifan are purchased by people in border areas and exported to neighboring countries through border trade. He judged that this part of trade may continue to grow as logistics transportation becomes more convenient.
The logistics corridor supports the development of foreign trade in the western region
The convenience of logistics channels is another important reason for the rise of foreign trade in the western region.
The overall plan for the Western Land Sea New Corridor has been implemented for 5 years. The Western Land Sea New Corridor is centered around Chongqing, with various western provinces, autonomous regions, and municipalities as key nodes. It uses transportation methods such as railways, sea transportation, and highways to reach various parts of the world through coastal and border ports such as Guangxi and Yunnan. The Beibu Gulf Port in Guangxi has thus become a convenient land sea connection node between the western region and ASEAN countries.
According to statistics from Nanning Customs, the total import and export value of Guangxi in the first half of 2024 was 345.28 billion yuan, a year-on-year increase of 12%. In the first half of the year, Guangxi's import and export proportion to China's largest trading partner ASEAN increased significantly, with a growth rate of 26.7%.
In an interview with China Economic Weekly, the relevant person in charge of Guangxi Beibu Gulf International Port Group Co., Ltd. revealed that the Beibu Gulf Port, as an important hub port of the new land sea channel in the west, and an important gateway for the joint construction of the "the Belt and Road" sea land connection, will usher in new opportunities.
The Beibu Gulf Port can actively participate in the construction of the Western Land Sea New Corridor, increase cooperation with provinces and cities along the corridor, dig deeper into the source of goods, and further enhance the visibility and performance benefits of the Beibu Gulf Port. The above-mentioned person in charge stated that the southwest region is an important hinterland for Beibu Gulf Port, and with the launch of various projects in the Western Development, the increase in new production capacity will be significant, which will provide important support for the throughput growth of Beibu Gulf Port.
According to data released by Beibu Gulf International Port Group, as a demonstration project for multimodal transport, the Western Land Sea New Channel sea rail intermodal transport directly connects 514 ports in 123 countries and regions in the southwest inland area through the "one box system" and "one order system", optimizing the logistics transportation structure of the southwest inland area. Compared with the original bulk cargo transportation methods, it saves more than 30% in cost and provides a high-quality and low-cost transportation structure for the industrial development of the southwest region.
At present, Beibu Gulf International Port Group has established 17 waterless ports along the channel. With the continuous operation of a series of projects such as Chongqing waterless port and Beigang Logistics Zigong Logistics Park bonded warehouse in the land sea new channel, imported products such as fruits and ores from ASEAN countries, automotive and motorcycle parts from Chongqing, and dinosaur models from Zigong can also be quickly assembled through waterless ports, achieving lower costs, higher efficiency, and more convenient logistics transportation.
Promote the deep integration of the western region into the joint construction of the "the Belt and Road"
As for the steady expansion of foreign trade scale in the western region at present, Li Zhimin, Secretary General of China International Freight Forwarders Association, told the reporter of China Economic Weekly that the reason is that the western region is taking "vigorously promoting the construction of new land and sea channels in the western region" and "deeply integrating into the joint construction of the the Belt and Road" as an important task to improve the level of opening up of the western region to the outside world.
He believes that promoting the deep integration of the new land sea channel in the west and the joint construction of the "the Belt and Road" will further open up the international logistics channel between ASEAN and Eastern Europe, Central Asia and even the Far East. The logistics industry in the western region will accelerate the formation of a new highland for opening up with international land transport as the leading factor, bringing together the industries and goods sources in ASEAN, Central Asia, Eastern Europe and the Far East, and establish and strengthen China's land transport logistics allocation capacity in the Eurasian continent.
According to the statistics of the General Administration of Customs of China, in the first half of 2024, China's total import and export to countries jointly building the "the Belt and Road" will reach 10.03 trillion yuan, an increase of 7.2%.
Zhang Yifan, director of the Business Research Center of Yunnan International Trade Association, believes that industrial transfer is also one of the reasons for the accelerated growth of foreign trade in the western region. He analyzed to a reporter from China Economic Weekly that in recent years, the industrial transfer has not been a direct transfer of industries, but rather the use of labor resources advantages from the west and Southeast Asia in the east to carry out innovative businesses, making the western region the main battlefield for internal and external resource exchange. In addition, the opening of the China Laos railway, the establishment of a new land sea channel in the west, and the construction of an international land sea channel facing the Indian Ocean have also provided more convenience for trade.
(This article was published in the 14th issue of China Economic Weekly in 2024)
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