Tailwinds favoring foreign trade enterprises

顺风利好外贸企业

China will ramp up financial support, cultivate new growth engines, and strengthen services for foreign trade enterprises in order to unlock momentum and foster resilience in the country's foreign trade sector — a critical pillar underpinning overall economic growth, officials and analysts said.

官员和分析师表示，中国将加大金融支持力度，培育新的增长引擎，加强对外贸企业的服务，以释放中国外贸行业的动力和韧性——这是支撑整体经济增长的关键支柱。

As global trade faces strong headwinds and protectionist pressures, China is strengthening the coordination of its trade, fiscal, financial, and industrial policies to provide holistic support for enterprises in stabilizing orders and expanding markets, they added.

他们补充说，在全球贸易面临强劲阻力和保护主义压力的情况下，中国正在加强贸易、财政、金融和产业政策的协调，为企业稳定订单和拓展市场提供整体支持。

"Over the past 11 months, China's total imports and exports have reached 39.79 trillion yuan ($5.47 trillion), up 4.9 percent year-on-year. The country's export share in the global market has remained largely stable," Wang Shouwen, vice-minister of commerce, told a news conference in late November.

商务部副部长王受文在11月下旬的新闻发布会上表示：“过去11个月，中国进出口总额达到39.79万亿元人民币（合5.47万亿美元），同比增长4.9%。中国在全球市场的出口份额基本保持稳定。”

In recent years, the global economy has faced a backlash against globalization, with trade protectionism on the rise. Over the past decade, global trade growth has fallen behind global GDP growth, Wang said.

近年来，全球经济面临逆全球化反弹，贸易保护主义抬头。王说，过去十年，全球贸易增长落后于全球GDP增长。

Foreign trade companies have said that the coverage of export credit insurance needs to be further expanded, smaller firms are facing certain financing difficulties, and they are also encountering bottlenecks in sea freight transportation, Wang added.

王补充说，外贸公司表示，出口信用保险的覆盖面需要进一步扩大，规模较小的公司面临一定的融资困难，他们在海运方面也遇到了瓶颈。

Against this challenging backdrop, China's foreign trade has maintained a stable growth trajectory. However, the country has seen a slight moderation in the pace of expansion since August, Wang said.

在这种充满挑战的背景下，中国对外贸易保持了稳定增长的轨迹。然而，王说，自8月份以来，中国的扩张速度略有放缓。

Foreign trade has been a bright spot in the Chinese economy over the past months, as sluggish domestic demand and a tepid property market have to some extent dragged down overall economic expansion, analysts said, calling for strengthened support in key areas.

分析师表示，过去几个月，外贸一直是中国经济的一个亮点，因为内需低迷和房地产市场不温不火在一定程度上拖累了整体经济扩张，他们呼吁在关键领域加强支持。

Increasing financial support, and leveraging financial instruments to hedge against the uncertainties that enterprises may face, as well as reducing capital turnover cycles, are of utmost importance for foreign trade companies, especially smaller ones, said Zhou Maohua, a researcher at China Everbright Bank.

中国光大银行研究员周茂华表示，加大金融支持力度，利用金融工具对冲企业可能面临的不确定性，缩短资金周转周期，对外贸企业尤其是规模较小的外贸企业至关重要。

The Export-Import Bank of China will be tasked with strengthening credit allocation in the foreign trade domain. The bank will better tailor its financing products and services to meet the diverse needs of different types of trade enterprises, as laid out in the policy package introduced by the Ministry of Commerce.

中国进出口银行将负责加强外贸领域的信贷投放。根据商务部出台的一揽子政策，本行将更好地定制其融资产品和服务，以满足不同类型贸易企业的多样化需求。

Additionally, financial institutions across the board will be encouraged to increase lending to small and medium-sized foreign trade businesses in accordance with market-oriented and rule-of-law principles, according to the ministry.

此外，该部表示，将鼓励金融机构按照市场化和法治化原则，全面增加对中小型外贸企业的贷款。

Over the course of the year so far, the one year and five-year-plus loan prime rates have declined by 0.35 and 0.60 percentage point, respectively, according to the People's Bank of China, the country's central bank.

根据中国央行中国人民银行的数据，今年迄今为止，一年期和五年期以上贷款优惠利率分别下降了0.35和0.60个百分点。

As a result, the weighted average interest rate on new corporate loans extended in September was around 3.5 percent — a 0.31 percentage point drop compared to the same period last year, reaching a historic low, said Liu Ye, an official at the central bank.

因此，9月份新发放的企业贷款加权平均利率约为3.5%，比去年同期下降0.31个百分点，达到历史低点，央行官员刘烨表示。

The central bank will also work to keep the renminbi exchange rate stable at an adaptive and balanced level, while strengthening guidance to prevent the market from tilting to one side, Liu said.

刘说，央行还将努力保持人民币汇率在适应性和均衡水平上稳定，同时加强引导，防止市场偏向一边。

As part of the new initiative, dedicated efforts will be made to expand the scale and coverage of export credit insurance, aiming to empower enterprises in exploring more diversified overseas markets, according to a notice issued by the ministry.

根据商务部发布的通知，作为新举措的一部分，将努力扩大出口信用保险的规模和覆盖面，旨在帮助企业开拓更加多元化的海外市场。

Asia Best Partner Logistics, a company located in Shenzhen, Guangdong province, provides sea, land, and air transportation and has begun to transform its business to focus more on the cross-border e-commerce sector in recent years.

Asia Best Partner Logistics是一家位于广东省深圳市的公司，提供海、陆、空运输，近年来开始转型业务，更加专注于跨境电子商务领域。

"In the past, our working capital was mostly self-funded. Due to the rapid growth of the international logistics market, our business volume has surged. In order to maintain operations, we had to give up some high-profit but longer-receivable businesses," said Chen Chunhong, head of the company.

“过去，我们的营运资金多为自筹，由于国际物流市场快速增长，业务量激增，为了维持运营，我们不得不放弃一些利润高但应收账款较长的业务”，公司负责人陈春红说。

In 2021, Bank of China's Shenzhen branch learned about Asia Best Partner Logistics' situation and adjusted its credit policy to provide the company with a dedicated 4 million yuan startup guarantee loan.

2021年，中国银行深圳分行了解到亚洲最佳伙伴物流的情况，调整信贷政策，为该公司提供了400万元创业担保贷款专款。

Building on this initial cooperation, in 2022 the bank further optimized its support, offering Asia Best Partner Logistics an 8 million yuan credit line along with international settlement and payroll services to address the company's frequent foreign exchange needs.

在初步合作的基础上，2022年该行进一步优化支持，为亚洲最佳合作伙伴物流提供800万元授信额度以及国际结算和薪资服务，以满足该公司频繁的外汇需求。

With the strong financial support, the company has signed premium airline routes, expanded its service offerings, and deepened partnerships with major export and e-commerce firms. Over the past three years, the company has achieved steady 30 percent annual growth on average, Chen said.

在强大的资金支持下，公司签署了优质航线，扩大了服务范围，并深化了与主要出口和电子商务公司的合作伙伴关系。陈说，在过去的三年里，该公司实现了年均30%的稳定增长。

In addition to robust financial services, catalyzing the growth of the cross-border e-commerce sector is also high on the work agenda, and a key priority is the continued advancement of overseas smart logistics platforms, according to the Ministry of Commerce.

商务部表示，除了稳健的金融服务，促进跨境电子商务领域的增长也是工作议程的重中之重，其中一个关键优先事项是继续推进海外智能物流平台。

Meanwhile, the country will encourage local authorities to explore the establishment of cross-border e-commerce service platforms to provide enterprises with legal advisory, tax guidance, and other crucial business services for navigating overseas markets, the ministry added.

与此同时，商务部补充说，中国将鼓励地方当局探索建立跨境电子商务服务平台，为企业提供法律咨询、税务指导和其他开拓海外市场的重要商业服务。

During the first three quarters of the year, China's cross-border e-commerce imports and exports grew by 11.5 percent year-on-year, accounting for nearly 6 percent of the country's total foreign trade, data from the ministry showed.

商务部数据显示，今年前三季度，中国跨境电子商务进出口同比增长11.5%，占全国外贸总额的近6%。

The rapid expansion of China's cross-border e-commerce sector underscores its growing significance in driving the overall growth of the nation's foreign trade, analysts said.

分析师表示，中国跨境电子商务行业的快速扩张凸显了其在推动中国外贸整体增长方面日益重要的意义。

Lan Qingxin, a professor in the School of International Trade and Economics at the University of International Business and Economics, said that China's cross-border e-commerce has achieved significant breakthroughs in diversifying its foreign trade markets, with business in emerging economies growing rapidly.

对外经济贸易大学国际贸易与经济学院教授蓝庆新表示，中国跨境电商外贸市场多元化取得明显突破，新兴经济体业务快速增长。

A number of influential international e-commerce companies have emerged, and an efficient and smart global logistics network has been established, strengthening China's international competitiveness, Lan said.

兰说，一批有影响力的国际电子商务公司已经出现，高效智能的全球物流网络已经建立，增强了中国的国际竞争力。

While China's cross-border e-commerce sector has experienced rapid growth, it also faces a range of challenges and shortcomings that require attention.

中国跨境电商领域在经历快速增长的同时，也面临一系列需要关注的挑战和短板。

Policies related to the cross-border e-commerce industry have further room for improvement, and some enterprises have only a vague understanding of compliance requirements. The digital infrastructure supporting the sector is still not fully developed, with online service platforms needing stronger functionalities, and Customs clearance processes still facing certain bottlenecks, Lan said.

跨境电商行业相关政策有进一步完善空间，部分企业对合规要求仅有模糊认识。兰说，支持该行业的数字基础设施仍未完全发展，在线服务平台需要更强的功能，清关流程仍面临某些瓶颈。

To this end, the government will enhance demand-supply matching by facilitating connections between exporters operating businesses on cross-border platforms and overseas logistics providers, said Vice-Minister Wang.

王副部长表示，为此，政府将通过促进在跨境平台上经营业务的出口商和海外物流提供商之间的联系来加强供需匹配。

The authorities will provide compliance training to help over 120,000 cross-border e-commerce enterprises, many of which are small businesses, and navigate Customs clearance, taxation, product quality, and intellectual property issues, Wang said.

王说，当局将提供合规培训，帮助超过12万家跨境电子商务企业（其中许多是小企业）解决清关、税收、产品质量和知识产权问题。

China's foreign trade is heavily dependent on sea freight, with 95 percent of cargo volume transported through maritime logistics. The challenges faced by major shipping corridors this year, including the Red Sea, Suez Canal, and Panama Canal, have had a tangible impact on the international trade environment.

中国对外贸易严重依赖海运，95%的货运量通过海运物流运输。红海、苏伊士运河、巴拿马运河等主要航运走廊今年面临的挑战对国际贸易环境产生了实实在在的影响。

The next step is to facilitate matchmaking between local foreign trade companies and freight forwarding firms, enabling better alignment of demand and supply in the sea freight market, said Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation.

中国国际贸易经济合作研究院高级研究员周密表示，下一步是促进当地外贸公司和货运代理公司之间的牵线搭桥，更好地协调海运市场的供需。

The government should also encourage shipping companies to develop online platforms to better cater to the booking needs of small and medium-sized enterprises, Zhou added.

周补充说，政府还应鼓励航运公司开发在线平台，以更好地满足中小企业的预订需求。

Provincial-level regions with fairly large trade volume should take the lead in driving the implementation of these initiatives as they have a crucial role to play in stabilizing the overall foreign trade performance, Zhou said.

周说，贸易量较大的省级地区应该带头推动这些举措的实施，因为它们在稳定外贸整体表现方面发挥着至关重要的作用。

China's major economic powerhouses — Guangdong, Jiangsu, and Zhejiang provinces — have emerged as crucial engines propelling the country's foreign trade growth. During the first 10 months of the year, these three provinces recorded import and export value increases of 10.6 percent, 7.6 percent, and 7.1 percent year-on-year, respectively.

中国的主要经济强国——广东、江苏和浙江——已成为推动中国对外贸易增长的重要引擎。今年前10个月，这三个省份的进出口值分别同比增长10.6%、7.6%和7.1%。

The success of these leading provinces in sustaining their foreign trade growth through the year-end sprint will be critical, as their strong performance has been a significant contributing factor to China's total foreign trade numbers, Zhou said.

周说，这些领先省份在年底冲刺期间成功维持外贸增长将至关重要，因为它们的强劲表现是中国外贸总量的重要贡献因素。