Xinhua Headlines: China's foreign trade rebounds amid stronger economic recovery momentum(2)

Aerial photo taken on May 21, 2022 shows a China-Laos cargo train departing from a station in southwest China's Chongqing Municipality. (Xinhua/Tang Yi)

In the first five months, exports grew 11.4 percent year on year while imports rose 4.7 percent, leading to a trade surplus of 1.84 trillion yuan, customs data showed.

During this period, China's trade with its top three trading partners -- the Association of Southeast Asian Nations, the European Union, and the United States -- expanded by 8.1 percent, 7 percent, and 10.1 percent from a year ago, respectively.

From January to May, China's trade with Belt and Road countries jumped 16.8 percent year on year to 5.11 trillion yuan.

Private enterprises reported a faster growth as their imports and exports rose 11.8 percent to 7.86 trillion yuan in the first five months, accounting for 49 percent of the country's total, marking an increase of 1.5 percentage points from the same period last year.

Workers make clothes for export at a company in Taihe County, east China's Anhui Province, May 26, 2022. (Photo by Liang Xiaopeng/Xinhua)

POLICY SUPPORT PAYING OFF

The rebound came as the Chinese government beefed up support to help foreign trade firms navigate difficulties amid domestic COVID-19 resurgences and external uncertainties.

The State Council, China's cabinet, issued a guideline last month to improve services and provide more financial and fiscal support for foreign trade enterprises, which was followed by detailed policies from 27 government departments.

These measures mainly focused on smoothing foreign trade logistics, strengthening financial support for foreign trade firms, and stabilizing the industrial and supply chains of foreign trade.

"Implemented together, these policies will surely promote foreign trade growth," Vice Commerce Minister Wang Shouwen told a press conference this week, who cautioned over uncertainties such as the fragile world economic recovery and rising global inflation.

The foundation has been consolidated for stabilizing and improving the quality of foreign trade this year, said Li Kuiwen, an official with the GAC, who expected the momentum to sustain as support measures take further effect.

A State Council executive meeting on Wednesday has also pledged more to be done, including increasing tax-refund support for export companies, expanding high-quality products import, enhancing port services, and keeping international industrial and supply chains stable.