China is taking significant strides to energize its foreign trade sector with a series of comprehensive and market-oriented policy measures announced by the Ministry of Commerce (MOFCOM). These initiatives aim to support the stable growth of foreign trade and reinforce the momentum of economic expansion.
One of the key focuses is enhancing financial support for micro, small, and medium-sized businesses. By encouraging insurance companies to back \"little giant\" and \"hidden champion\" firms, and urging financial institutions to provide increased financing based on market-oriented, law-based principles, China aims to diversify the markets for its small and medium-sized enterprises. This move is expected to boost the trade skills, productivity, competitiveness, and efficiency of their foreign trade activities.
In addition to financial support, China is prioritizing the import of vital machinery and energy resources to ensure industrial manufacturing stability and energy security. The country is also boosting the export of agricultural products to aid in stabilizing global food security. Emphasizing innovation in green trade, China aims to cement global climate cooperation and address current global challenges.
Increased border trade with ASEAN, Russia, and Central Asian nations will provide micro and small businesses, as well as individual entrepreneurs, with low-cost and high-efficiency export routes. These strategic moves have already shown positive results, with China's foreign trade reaching 36.02 trillion yuan ($5 trillion) in the first 10 months of this year, marking a steady 5.2 percent annual growth.
Trade with Belt and Road Initiative partners, ASEAN nations, South Korea, the U.S., and the EU has grown by 6.2 percent, 8.8 percent, 6.7 percent, 4.4 percent, and 1.2 percent respectively. This growth underscores China's active participation in the global trade value chain and highlights the interconnectedness of global economic growth with China's foreign trade activities.
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