China’s state-owned enterprise exports are expected to maintain steady growth in the second half of the year thanks to the country’s strong economic resilience and efforts to ensure smooth functioning of global supply chains, experts said.
China’s state-owned enterprises saw their foreign trade volume increase 15.2 percent year on year to 3.2 trillion yuan ($462.47 billion) in the first half, serving as a powerful force to support growth the country’s economy despite the challenges threatening the global economic recovery, according to the General Administration of Customs.
Foreign trade of state-owned enterprises in Jiangsu province jumped 16.8 percent year on year to 248.18 billion yuan between January and June, while their foreign trade in Shandong province jumped 14 percent. year on year to reach 135.25 billion yuan.
These figures have not only boosted the confidence of private and public sector enterprises in these provinces, but also supported their openness and exports, said Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation under the Department of Commerce.
In one example, CRRC Qingdao Sifang Co Ltd, a Shandong province-based subsidiary of Beijing-based China Railway Rolling Stock Corp, last week shipped 11 high-speed trains and an inspection train, customized for the route. Jakarta-Bandung high-speed railway in Indonesia.
The delivery of the trains will mark significant progress in the construction of the railway, a landmark project under the Belt and Road Initiative. This will lay a solid foundation for the high-quality and timely completion of the Jakarta-Bandung railway, according to China Railway International, a subsidiary of Beijing-based China State Railway Group, the national railway operator.
The 11 passenger trains, known as Electric Multiple Units (EMUs), were designed and manufactured by CRRC Sifang. They have a maximum running speed of 350 kilometers per hour and are equipped with advanced technology, safety, intelligence, strong environmental adaptability and distinctive local characteristics, Zhang Fangtao said, Chief Train Designer at CRRC Sifang.
“The EMUs are equipped with 2,500 monitoring points for rapid detection, early warning and diagnosis of all key systems,” Zhang said. “The inspection train has been designed to provide comprehensive inspection functions for the Jakarta-Bandung High Speed Railway, including a diverse range of inspection equipment for track alignment, overhead cables and communication and signaling systems.”
With a total length of 142 km, the railway connects Jakarta, the Indonesian capital, and Bandung, a well-known tourist destination in Indonesia.
Aviation Industries Corp of China also delivered two MA600 “Xinzhou” turboprop passenger planes to the African country of Malawi in mid-July.
The plane took off from Kunming Changshui International Airport in Kunming, Yunnan Province, and traveled 11,717 km to Malawi, passing through 13 countries, the company said in a statement.
“The rapid growth of state-owned enterprises’ exports to emerging markets reflects improving economic and trade ties between China and these economies, and the momentum is expected to continue,” said Liang Jun, president of the Association. public capital from Guangdong.
The rapid growth is mainly attributable to the removal of supply chain problems in China and the acceleration of production in these economies, which has improved the demand for raw materials and many intermediate goods from Chinese state-owned enterprises, he added.
COSCO Shipping Specialized Carriers Co Ltd, a subsidiary of Shanghai-based China COSCO Shipping Corp Ltd, the country’s largest shipping company by fleet size and revenue, has been used by domestic companies to export 467 construction and mining machinery, via a specialized carrier, to Kenya, South Africa and other African countries in mid-August. This has solved capacity problems on some shipping routes between China and other countries in recent months.