Business / Economy

Branding, quality, service hold key to boosting foreign trade

By Zhu Wenqian ( Updated: 2015-05-28 16:15

China will boost its foreign trade by raising its competitiveness in branding, quality and service, and bolster economic growth by driving innovation, according to a report by the State Council.

China had previously expanded its foreign trade by using its low-cost advantages in human resources, land and the environment. With the decrease in foreign demand after the outbreak of the global financial crisis in 2008, and constantly falling land areas, China's foreign trade faces transformation and upgrading.

China's total foreign trade fell 6 percent in the first quarter of 2015, dropping to 5.54 trillion yuan ($905.5 billion). In the same period, China's exports rose 4.9 percent and imports dropped 17.3 percent, according to official data.

Despite the decrease in the total volume of foreign trade, China's foreign trade with countries along the route of the Belt and Road Initiative saw an average annual growth of 22.2 percent from 2011 to 2014, according to the Ministry of Commerce.

"China will develop new advantages in foreign trade, and combine them with the opportunities brought by the Belt and Road Initiative," said Zhi Luxun, deputy director-general of the department of foreign trade at the Ministry of Commerce.

"The Belt and Road Initiative enjoys good foundations, willingness among member countries and energetic prospects. China should help to push forward employment and industrial upgrading in member countries by investing or building industrial parks there," Zhi said.

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