Last week, China unveiled its impressive foreign trade data for the first half of the year, revealing a record high in trade volumeThis surge is particularly noteworthy in terms of increases in trade with emerging market nations and developing economiesSuch trends are not just contributing to resilience in global trade but also laying a solid foundation for a modest recovery in the global economy.

According to the latest statistics from the General Administration of Customs, China's total goods trade reached an unprecedented value of 21.17 trillion yuan in the first six monthsThis marked a significant milestone, being the first time that trade values exceeded 21 trillion yuan during this particular periodNotably, trade with the ASEAN countries, Latin America, Africa, and India showed remarkable growth, with certain indicators seeing growth rates hit double digitsDuring the same period, trade with countries involved in the Belt and Road Initiative amounted to 10.03 trillion yuan, which is a 7.2% increase from the previous year

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This included exports of 5.62 trillion yuan, a rise of 8.4%, and imports of 4.41 trillion yuan, reflecting a growth of 5.8%. Furthermore, the latest report from the United Nations Conference on Trade and Development highlighted that the robust performance of major developing economies has been a key driver in the recovery of global trade in the first quarter of this year, with a 2% increase in South-South trade, predominantly occurring within East Asia.

This year has witnessed signs of a moderate rebound in the world economy; however, challenges remain, such as weak recovery momentum, divergence among major economies, lackluster growth in trade and investments, persistent inflationary pressures, and geopolitical risksGiven these challenges, the continuous growth of trade between China and emerging markets and developing economies is pivotalSuch trade dynamics help in boosting global trade flows, enhancing economic resilience, and minimizing the risks stemming from potential shocks, thereby ensuring a smoother cycle of economic activity and further supporting a global recovery.

Analysts have pointed out that there exists a strong complementarity between China and the relevant countries and regions in terms of resource endowments and industrial structures

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Through trade cooperation, both sides are able to capitalize on their respective advantages, achieving efficient resource allocation, and contributing to the stability and optimization of the global industrial and supply chainsThis is especially crucial in light of recent unilateral approaches adopted by certain nations that promote protectionism and entrench supply chains, as such cooperation can mitigate the risks of disruptions in supply chains, thus providing stable supply assurances for global economic recovery.

Moreover, it’s worth noting that trade cooperation between China and these nations extends beyond traditional commodities to encompass emerging fields such as renewable energy and digital economyThis not only facilitates industrial upgrades and technological innovations in those countries but also presents new market opportunities and innovative ideas for Chinese enterprises

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Consequently, this collaboration helps steer the global economy towards a more sustainable and high-quality developmental trajectory.

The stable growth of trade between China and these countries significantly supports the multilateral trading system, maintaining the stability and fairness of the global trade order, and advancing the refinement and development of the global economic governance systemFor instance, China has maintained its position as Africa's largest trading partner for several consecutive yearsThe steady growth of Sino-African trade has powerfully stimulated the recovery and development of the African economySimilarly, trade exchanges among Asian countries have become increasingly frequent, with mutual economic benefits becoming more apparentAccording to an analysis report by the China Logistics and Purchasing Federation, this stability is one of the key factors contributing to the comparative stability of the Asian economy relative to other regions.

Currently, global trade recovery is making headway, bolstered by a solid multilateral trade framework and resilient global supply chains

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However, as we entered the second quarter, the challenges to global trade growth continue to multiplyOn one hand, the sluggish growth in certain advanced economies, such as the United States, coupled with prolonged monetary cycles, adversely affects the recovery of global demandOn the other hand, some parties in Europe and America have increasingly politicized trade issues, exacerbating the risks of global trade fragmentation and hindering the free flow of production factors in numerous sectors, thus posing downward risk to global trade growthAdditionally, geopolitical tensions remain a significant factor affecting global trade trends.

In this context, emerging market countries and developing economies represented by China are steadfast in promoting trade and investment liberalization and facilitationThey play an indispensable role in preserving the resilience and stability of global industrial and supply chains, serving as a vital force in the global trade recovery and the sustained, healthy development of the world economy