Editor's note: Ibrahim Khalil Ahasan, a special commentator on current affairs for CGTN, is a Bangladesh-based independent columnist and freelance journalist who writes on contemporary international issues. The article reflects the author's opinions and not necessarily the views of CGTN.

In line with the State Council's recent foreign trade policy measures, China's Ministry of Commerce (MOFCOM) recently announced a series of more comprehensive, timely and market-oriented foreign trade policy measures, aiming to support the stable growth of foreign trade and consolidate and strengthen the momentum of economic growth.

Enhancing financial support is crucial for micro, small and medium-sized businesses as it helps mitigate financial risks. China will encourage insurance companies to increase their support for "little giant" and "hidden champion" firms, while also encouraging financial institutions to increase financing support for micro, small and medium-sized businesses based on market-oriented, law-based principles. This will not only diversify the markets of China's small and medium-sized enterprises but also boost the trade skills, productivity, competitiveness and efficiency of their foreign trade activities.  

China will support the import of vital machinery and energy resources to ensure industrial manufacturing stability and energy security, as well as increase exports of agricultural products to stabilize global food security. To cement global climate cooperation and meet the trend of current global challenges, emphasis will be placed on driving innovation in green trade. Increased border trade with ASEAN, Russia and Central Asian nations will offer micro and small businesses, as well as individual entrepreneurs, a low-cost, high-efficiency export route.

China's foreign trade reached 36.02 trillion yuan ($5 trillion) in the first 10 months of this year, representing a consistent 5.2 percent annual growth. With growth rates of 6.2 percent, 8.8 percent, 6.7 percent, 4.4 percent and 1.2 percent, respectively, trade with Belt and Road Initiative partners, ASEAN nations, South Korea, the U.S. and the EU is increasing.  

This demonstrates China's active participation and role in the global trade value chain and reflects that global growth is intertwined with foreign trade with China.

Now that these policy measures are being vigorously implemented, China's rise in international trade will continue. China has already begun to enact these policies aggressively to boost its international commerce for a sustainable future. For instance, China has extended its visa-free policy to nine other nations, including Japan, making a total of 38 nations. This encourages and motivates individuals and international businesses to conduct business with China. China continues exploring new international markets and negotiating or renewing trade agreements with other nations.

These measures will not only help Chinese export companies navigate complex external conditions and foreign markets, but they will also improve both the scale and quality of China's foreign trade. They boost the confidence of Chinese foreign trade companies and align with ongoing reforms and opening-up initiatives in the foreign trade system.

By encouraging the rise of e-commerce, China hopes to increase international trade prospects for new businesses, meet the increasing demand for trade with other countries and support the rapid expansion of economic linkages. Industrial chains will be fuelled by cross-border business exchanges, helping more business entities undertake cross-border investment and trade compliantly and encouraging high-quality growth through high-level opening-up. The Chinese government also prioritizes cross-border trade settlement and keeps the value of the yuan stable at a fair and balanced level to promote international commerce. 

Through the provision of cross-border e-commerce facilities, overseas trade settlement, legal and tax resources, and other services, the measures will assist in addressing contemporary international trade issues and future uncertainties. 

China's foreign trade operations will continue improving due to its vibrant foreign trade activities in 22 pilot free trade zones (FTZs), continuous promotion of overseas smart logistics platforms and cross-border e-commerce service platforms.

With its high-quality, innovative and cost-effective products, rapidly expanding trade relations and ongoing reforms to upgrade foreign trade structure, China is well-positioned to expand its international trade activities. By lowering domestic barriers consistently, closing trade deficits, signing free trade agreements, promoting economic diplomacy and participating in multilateral trade platforms, China continues to integrate into the global economy. 

More Chinese quality products will enter the global market, driven by ongoing urbanization, industrialization and consumption upgrades. Starting December 1, 2024, China will impose zero-tariff treatment on all goods originating from least-developed countries that have diplomatic ties with China, bringing trade balance and growth. Foreign trade stability and enhancement through these policy measures will help the world's second-largest economy achieve its annual 5 percent growth target.

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