Shandong elevates foreign trade through intermediate goods

(| Updated : 2024-01-09

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Shandong province aims to spearhead a dynamic foreign trade agenda in 2024, zeroed in on the expansion of intermediate goods trade. 

From the year's outset, a fleet of planes, trains, and ships has embarked on global journeys, marking a promising kickoff for the current trade activities.

In the global trade landscape, intermediate goods, exemplified by lithium batteries and photovoltaic products in recent years, played a pivotal role in driving China's manufacturing growth. In 2022, Shandong's trade with RCEP member economies saw intermediate goods constituting a significant chunk of 65.4 percent.

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A cargo ship arrives in a port in Shandong province. [Photo/WeChat account: shandongfabu]

Acknowledging the opportunities and challenges, Shandong is keen on fortifying its trade foundations. The province emphasizes the need to identify markets, seize opportunities, and tap into more potential of intermediate goods trade.

Securing orders emerges as a critical way, providing businesses not only with tangible profits but also insights into emerging market trends. And in the perspective of providing policy assistance, streamlining trade facilitation processes, such as optimizing transportation and customs clearance, significantly enhances the ease of trade.

The emphasis on quality in intermediate goods trade is paramount. Companies focusing on key segments of the industrial chain and strengthening core technologies position themselves for dominance in international trade, showcasing resilience and market vitality.

As Shandong sets the pace to expand presence in the global market, the embrace of intermediate goods emerges as a cornerstone for sustained success. The province's proactive approach is poised to reshape the dynamics of international trade in the foreseeable future.