How can foreign trade in Ningbo gather momentum when this sector suffers from lackluster growth as a result of downward economic pressure in China and weak demand beyond? International trade is about to embrace more favorable factors though problems disrupting foreign trade still surface in the city, according to the analysis of import and export from a recent conference. The meeting also suggests that Ningbo is set to do more in supporting the sector in an attempt to unlock market potentials for exporters in the city.
Data released by Ningbo Ministry of Commerce suggests that the city registered 28.94 billion US dollars in trade volume from January to May in 2015, a year-on-year fall of 2.4%. Among them, it recorded 27.23 billion US dollars in export, a rise of 2.7% and 11.71 billion US dollars in import, a reduction of 12.6%. Such sluggishness is attributed to feeble global economic recovery, weak external demand and exchange rate fluctuations. Alongside that, the downturn is fueled by rising costs of factors, inaccessible and costly financing for SMEs.
That said, Ningbo remains a better player in foreign trade in the above period than the rest of China, particularly evidenced by contracting imports. Growth in export was posted by 11 cities or counties, 3 development zones and 9 regions, among which Daxie, Hi-tech Zone and Yinzhou recorded double-digit growths of 17.6%, 10.7% and 10.7% respectively. Meanwhile, positive outcomes have begun to be felt as Beijing started to carry out measures facilitating foreign trade.
In addition, rising cross-border e-commerce, growing integrated trade service providers and booming marketing purchases have prepared SMEs to become new growth drivers in trade as they have easier access to the business.
Ningbo's international trade has been sound and healthy but for all difficulties in reorienting the mix of foreign trade , said Wang Jianhou, Deputy Mayor of Ningbo on the conference. He pointed out that Ningbo is on track to further foster foreign trade by providing better services to enterprises, encouraging and supporting the upgrading and innovation of exporters in ways that contribute to unlocking the potential of international market.
On the innovative trade model front, the port city will speed up fostering integrated traders by powering cross-border e-commerce and encouraging e-commerce giants to establish overseas warehouses. Efforts will also be made to establish distribution bases for imported goods of Ningbo bonded zone and Haishu District export bases, etc. Ningbo will continue to build demonstration zone for foreign trade reform as a way of developing Ningbo's way of purchases.
On top of that, Ningbo Commerce Commission, Customs, State Tax Ministry, Foreign Exchange Department will adopt more facilitation measures. For example, State Tax Ministry delegated review processes to county-level organs, benefiting more than 900 foreign traders in Cixi, Zhenhai and Xiangshan as part of piloting projects. In this way, export tax refund is made more efficient. In the next period, the ministry will delegate all projects that need to be reviewed to county-level organs. Meanwhile, in the field of paper-free administration, we hope to promote the practice to the wider Ningbo.
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How can foreign trade in Ningbo gather momentum when this sector suffers from lackluster growth as a result of downward economic pressure in China and weak demand beyond? International trade is about to embrace more favorable factors though problems disrupting foreign trade still surface in the city, according to the analysis of import and export from a recent conference. The meeting also suggests that Ningbo is set to do more in supporting the sector in an attempt to unlock market potentials for exporters in the city.
