China Review News Agency:

We all know that at the beginning of this year, China and the U.S. signed the phase-one trade deal. However, the COVID-19 pandemic is now spreading across the globe, and how is China-U.S. trade going? Are there any measures in place to help the healthy and sound development of China's trade with the U.S.? Thank you.

Ren Hongbin:

Thank you for your questions. China and the U.S. are each other's important trading partners, and China-U.S. economic and trade cooperation is a win-win that brings mutual benefit. Due to economic and trading frictions between China and the U.S. last year, the bilateral trade volume had fallen off to some extent. Under the new situation, we are willing to expand cooperative relationships with our economic and trading partners, including the U.S. We hope China and the U.S. strive together to strengthen the healthy development of bilateral trade.

Yicai:

The pandemic has been recently spreading worldwide, and I'd like to know more details about its influence on China's exports? Under the current situation, how will the Chinese government help enterprises expand more overseas markets? Thank you.

Li Xingqian:

Thank you for paying attention to China's export enterprises. In recent times, the COVID-19 pandemic shows a trend of rapidly spreading around the globe, and more than 200 countries and regions have confirmed cases now. The pandemic has had an impact on global economic growth and market demand, so the International Monetary Fund, as well as other international organizations, has lowered this year's growth estimate for the global economy. The World Trade Organization expected that there will be sharp falls in global trade this year, and China's foreign trade will be inevitably affected and face obviously increasing uncertainties and destabilizing factors. 

What started as an epidemic is spreading across the globe, and countries need to work together and deepen all-around international cooperation. While expanding the international cooperation in fighting COVID-19, China's government will continue developing close and practical cooperation with its economic and trading partners and support enterprises' expanding international market.

First, the building of free trade zones will be sped up, and a good international environment will be created. The early signing of the Regional Comprehensive Economic Partnership (RCEP) will be actively pushed forward, and the high-standard free trade agreement will be actively promoted to sign with more countries.

Second, cooperative mechanisms will be improved and trading channels smoothed. We will stick to the principle of "one country, one policy" and energetically expand foreign trade diversification. Working groups will be actively and jointly set up with more countries for the smooth flow of trade and to realize the rapid response, of information exchange and the tackling of outstanding issues among various trading partners. 

Third, efforts will be intensified to develop new models and new forms of trade. While making full use of favorable factors, such as cross-border e-commerce and market procurement, enterprises will be supported to set up a batch of high-quality overseas warehouses in relevant countries and will be encouraged to set up and improve the international marketing network.

Fourth, communications and coordination with trade partners will be reinforced. We will increase cooperation and communication related to the pandemic with various countries, in addition to taking other relevant measures, removing unnecessary control, and promoting the smooth operation of global industrial chains and supply chains. Thank you.

Hu Kaihong:

Today's press conference is hereby concluded. Thank you all.

Translated and edited by Zhu Bochen, Zhang Liying, Wang Qian, Zhang Lulu, Li Huru, Zheng Chengqiong, Wang Yanfang, Wu Jin, Fan Junmei, Gao Zhan, Li Xiao, Wang Yiming, Zhang Rui, DuanYaying, Zhou Jing, Wang Wei, Yang Xi, Lin Liyao, Wang Yanfang, Guo Xiaohong, Scott Rainen, Geoffrey Murray. In case of any dispute over a discrepancy, the Chinese version is deemed to prevail.