US Dollar Exchange Rates of 25th February 2018
China Yuan 6.3159
Report from China
Foreign trade up 14.2% in 2017
It has been reported by the General Administration of
Customs (GAC) that the value of China's 2017 foreign
trade rose 14.2% year on year to RMB27.79 trillion
(USD4.28 trillion) bringing to an end the previous two
yearly consecutive declines.
China's exports increased 10.8% to RMB 15.33 trillion
while imports surged 18.7% to RMB12.46 trillion in 2017.
The trade surplus continued to narrow last year, shrinking
14% to RMB 2.87 trillion compared to the 9%t reduction
registered in 2016.
Analysts attributed improved exports to growth in the
global economy as well as steady domestic economic
expansion, rising commodity prices and increased trade
with countries along the Belt and Road routes.
The European Union, the United States and ASEAN are
the top three trading partners and 2017 exports to the
United States rose 15% year on year.
Chinese private enterprises now play a bigger role in trade.
For more see: http://www.gov.cn/xinwen/2018-
Expanding trade along the ¡®Belt and Road¡¯ routes
China¡¯s foreign trade with countries along the route of the
¡®Belt and Road¡¯ in 2017 rose 18% to RMB7.37, up 3.6%
over growth of total national foreign trade. Trade to these
markets now accounts for 26.5% of the national total value
of foreign trade.
According to a GAC spokesperson, the ¡®Belt and Road¡¯
initiative countries have shared in the benefits in five
areas; policy coordination, connectivity, unimpeded trade,
financial integration and people-to-people bonds.
It is expected that China¡¯s trade with countries along ¡®Belt
and Road¡¯ will continue to be the highlight and growth
point of China's foreign trade.
Diversification of trade partners
China¡¯s trade partners have become more diversified in
recent years. In 2017 China¡¯s trade with traditional
markets such as Europe, the USA and Japan rose 15% year
on year. However, emerging markets such as Latin
America and Africa grew 22% and 17.3% respectively.
Bilateral trade between China and Australia has been
increasing rapidly in recent years. The total value of
foreign trade between China and Australia surged 29% to
RMB92341 billion, some 15% higher than the national
growth rate. Of the total, the value of exports to Australia
rose 1.39% to RMB280.56 billion while imports from
Australia increased 37% in 2017.
Port handling charges cut
According to China National Development and Reform
Commission from 1 February 2018 container handling
charges at Dalian Ports, Guangzhou Ports and Shenzhen
Ports have been reduced. Charges per container have been
reduced to RMB510 from RMB642 at Dalian, to RMB490
from RMB668 at Guangzhou Ports and to RMB980 from
RMB1400 at Shenzhen Ports.
It is estimated that these changes will lower logistic costs
at these ports by around RMB 950 million per year. The
decision on reduced charges came after suspected
monopoly. In addition, the National Development and
Reform Commission stresses that operating fees in dock
should be adjusted to a reasonable level as soon as
The National Development and Reform Commission
suspected violation of the "Anti-monopoly Law" in the
operation of port enterprises.