Trade sparks high hopes, cautious optimism

Moreover, trade quality in the sector has been improving steadily, thanks to government policy measures and enterprises' technological innovations. Industry leaders have been enhancing their global layout, and "hidden champions", or small but highly successful companies in specialized markets, have been expanding their business, he said.

The scale of emerging sectors like new energy vehicles, photovoltaics, lithium batteries and integrated circuits has also been expanding rapidly, while small and medium-sized enterprises now reach the global markets directly through new foreign trade formats like cross-border e-commerce and overseas warehouses, he said.

According to Huo with the CWTO, the better-than-expected foreign trade performance last year was largely shaped by significant growth in exports, thanks to China's resilient industrial and supply chains that have been making great contributions to the world economic recovery from the impact of the COVID-19 pandemic.

"Yet, we cannot neglect challenges facing foreign trade growth this year, which include intensified global competition, weaker overseas demand and rising trade protectionism," he said.

Downward pressure on foreign trade growth is likely to increase in the second half of the year, if resumption of work and production in Southeast Asian countries accelerates and global industrial and supply chains further adjust, he said.

During the first half of this year, Chinese products are expected to be widely sought after, as the pandemic-related disruptions to global industrial and supply chains continue, he said.

Chris Cai, general manager of Four Seas (Guangzhou) Food Import and Export Trading Co, said factors like surging costs of logistics at home and abroad, prolonged time frame for Customs procedures due to strict disease prevention and control measures, and fluctuations in renminbi exchange rates still pose risks to growth of foreign trade companies.

The firm runs food factories on the Chinese mainland and in Japan. It imports prepackaged snacks, beverages and food materials from Japan and Southeast Asian countries such as Thailand and Indonesia, and exports food products to Japan.

The Chinese economy, Cai said, has returned almost to a normal development track thanks to effective control of COVID-19, and the company is positive about business prospects for this year.