China\u2019s top Communist Party journal has reaffirmed the country\u2019s push to rebalance trade, saying a worsening global environment marked by rising protectionism and geopolitical tensions is adding urgency to its ongoing shift from an \u201cunsustainable\u201d export-driven growth model.<\/p>\n
\u201cThe underlying conditions, and both domestic and external environment shaping China\u2019s trade balance, are undergoing profound changes, while deep-seated weaknesses in the foreign trade sector remain pronounced,\u201d said a commentary in the latest issue of the Qiushi Journal.<\/p>\n
It said the domestic contribution to the value of China\u2019s exports remained relatively low, with weak competitiveness in high-end manufacturing and critical technologies, and called for urgent improvements in regional trade coordination and services trade.<\/p>\n
The article described Beijing\u2019s ongoing efforts to push for balanced trade as a \u201cstrategic adjustment proactively undertaken\u201d in response to changing economic conditions.<\/p>\n
\u201cIn particular, the inherent traits of China\u2019s massive economy dictate that the export-driven model relied upon during its phase of outward-oriented accumulation is unsustainable, making the push for balanced trade development inevitable,\u201d the commentary said.<\/p>\n
China has been actively promoting more balanced trade and does not deliberately pursue export expansion or trade surplusesThe piece came as China\u2019s record trade surplus last year unsettled its trading partners and intensified discussions of \u201cChina Shock 2.0\u201d<\/a>, while escalating geopolitical tensions have heightened global anxieties over supply-chain disruptions.<\/p>\n","protected":false},"excerpt":{"rendered":"China\u2019s top Communist Party journal has reaffirmed the country\u2019s push to rebalance trade, saying a worsening global environment…\n","protected":false},"author":2,"featured_media":370061,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[5560,114,1657,178107,18551,184,25291,85,46,178105,97723,58435,178106,85644],"class_list":["post-370060","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-beijing","tag-business","tag-china","tag-china-shock","tag-communist-party","tag-economy","tag-geopolitical-tensions","tag-il","tag-israel","tag-qiushi-journal","tag-supply-chain-disruptions","tag-trade-balance","tag-trade-surpluses","tag-wang-wentao"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/370060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=370060"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/370060\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/370061"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=370060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=370060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=370060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}