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China to diversify imports of food, energy and key technologies in coming five years

2021/11/25 8:54:51   source:Global Times

The Ministry of Commerce (MOFCOM) said that it will diversify the imports of food, energy resources, key technologies and components over the coming five years, in a move to better protect trade security.

China will implement more robust risk prevention and control systems such as a trade friction response mechanism, export controls and trade remedies, the ministry announced as part of an outline for the 14th Five-Year Plan period (2021-25) which was released on Tuesday.

The ministry said, looking forward to 2035, the country's trade structure will be increasingly optimized, with imports and exports becoming more balanced, while innovation capability will also be improved.

MOFCOM said global trade remains vulnerable to COVID-19, which has in part blocked the international flows of goods, with cross-border supply chains remaining snarled. The Ministry also noted the rise in unilateralism and protectionism, adding to trade tensions, meaning the development of trade security now faces new challenges.

In October, the Global Times reported that Chinese provincial governments began encouraging more coal imports from Russia, Indonesia and Kazakhstan to plug domestic market shortfalls.

According to the Ministry of Energy of the Russian Federation, in the first half of 2021, Russia exported 107.3 million tons of coal, a year-on-year increase of 9.8 percent. Exports to China reached 24.15 million tons in the first six months of the year, compared with 16.2 million tons in the same period last year.

In 2020, China's total trade in goods and services jumped to the first place globally, with the country's trading partners growing to include more than 230 countries and regions, MOFCOM data revealed.

The total volume of trade in goods has increased from $3.95 trillion in 2015 to $4.65 trillion in 2020, with an average annual growth rate of 3.3 percent. China has maintained its position as the largest country in trade in goods since 2017, with its international market share increasing from 13.8 percent to 14.7 percent. 

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