China’s foreign trade to exceed $4 trillion in 2017: industry insiders

China’s foreign trade is expected to exceed $4 trillion in 2017, and the foundation for a rise in exports is solid, said industry insiders, China Securities Journal reported on Wednesday.

The foreign trade volume will expand in the first three months of this year, driven by steady global economy recovery and continuous boost of the Belt and Road Initiative.

A survey conducted by a management firm in Shanghai has indicated that more than 70 percent of surveyed companies have reported more orders for goods at the beginning of this year compared to the same period last year.

More orders were registered in the electronics and auto industries. Most surveyed enterprises believe they will meet more opportunities in 2018 than 2017.

The China Import and Export Fair, regarded as the barometer of the country’s foreign trade, also shows signs of warming up.

According to statistics provided by the Ministry of Commerce, increases were witnessed in both the number of participating companies and deals made during the Fair held last autumn.

The recovery of foreign markets means rising demand for Chinese goods, some analysts explained.

The ministry made promoting exports while releasing positive import policies a task to bolster foreign trade in 2018 at the recently held national economic work conference.

In addition, the recent announcement of cutting import tariffs has also sent a positive signal of expanding imports, some industry insiders said.

Lowering import tariffs means more flowers on the brocade, but the final result depends on whether China’s economy can grow steadily and whether that growth will have spillover effects, said Bai Ming, the deputy director of the Ministry of Commerce’s International Market Research Institute.

Economic institutions have predicted that China's economy will remain stable in 2018, and to maintain that trend, real efforts should be made, Bai said.

The first China International Import Expo, scheduled in November this year, will be an effort to boost foreign trade, Bai added.