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China's rising foreign trade in 2022 reflects economic strength despite challenges: Egyptian economist Release date: 2023-01-28    Source:Xinhua

China's increased foreign trade in 2022 reflects the country's economic strength despite domestic and international challenges, said an Egyptian economist.

China achieved a 7.7-percent rise in foreign trade in 2022, topping the world for the sixth year in a row. This represents "an unprecedented economic accomplishment by all means at the worldwide level," said Moatasem Rashed, a veteran economic consultant for the Egyptian Federation of Investors Associations.

China's annual foreign trade value hit a record high again in 2022, as total goods trade reached 42.07 trillion yuan (6.21 trillion U.S. dollars), up 7.7 percent year on year, according to a recent report from China's General Administration of Customs (GAC).

It is the first time for China's annual foreign trade to exceed 40 trillion yuan (5.9 trillion dollars), said the GAC.

Meanwhile, Chinese exports rose by 10.5 percent to 23.97 trillion yuan (3.54 trillion dollars) and imports went up 4.3 percent to 18.1 trillion yuan (2.67 trillion dollars) in 2022.

"These data show the ability and insight of the Chinese administration in terms of running the economy," Rashed said, hailing China for achieving such economic progress despite Western campaigns, the repercussions of the Russia-Ukraine conflict and the COVID-19 pandemic.

According to the GAC, China's imports and exports with ASEAN, the European Union, and the United States gained 15 percent, 5.6 percent, and 3.7 percent, respectively.

Trade with Belt and Road countries also climbed 19.4 percent to account for 32.9 percent of China's total foreign trade.

The Egyptian expert said China's growing regional and international trade reflects its dedication to the principle of a "win-win partnership."

China deals with other countries as "partners" and seeks to achieve mutual, rather than unilateral interests, unlike Western countries, particularly the United States, he said.

China's economic growth is based on productivity, sustainability, and diversity.

"It is not just a matter of achieving a growth rate but it is a matter of sustainability," he emphasized. "China's foreign trade is an unprecedented model in the world, and the greatness of China's growth rate is its sustainability."

He added that China's advancement in the field of technology has greatly contributed to its economic growth.

"China today is sprinting and striding, not just running, to advance in the field of technology. There are areas where China is more advanced than all countries in the world," Rashed said.

"I invite other countries to study what China has achieved and how to develop their systems and learn from the Chinese experience, which has made today's Chinese miracle," the Egyptian economist concluded.