China Economy: Foreign trade surges to new record in 2021

Photo by Li Yang on Unsplash
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China has become the world’s second largest consumer market, the largest merchandise trader for five years in a row and the second largest destination for foreign direct investment in 2021.

This is announced by China’s Ministry of Commerce at a press conference Tuesday while unveiling the country’s business and trade performance for 2021. Yang Shanshan has more.

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Despite COVID-19, China’s foreign trade reached new highs in 2021, with total imports and exports growing by 21.4 percent about six trillion U.S. dollars. However, Chinese Ministry of Commerce warns the global economy still faces uncertainties in 2022.

In 2021, China’s domestic consumption gradually recovered and total retail of consumer goods increased by 12.5 percent. As the world’s second largest consumer market, consumption remained the top driving force for Chinese economy. China also becomes the second largest destination of foreign direct investment in 2021, as well as a major global investor.

CGTN

Source: www.hellenicshippingnews.com