What Is the Driving Force of Future Development of International Trade in China?

Abstract

During over 40 years of rapid growth after China s reform and opening up, factor dividends have always been an essential basis for China s development of open economy. With China s economy entering into a new normal and the promotion of a new round of high-level opening up, China is gradually forming new competitive advantages in the field of international trade. Starting from factor dividends, this paper analyzes the advantages and trend of China s international trade in the past, and further analyzes the formation of China s new advantages in the fi eld of international trade from four aspects. In the first place, as the digital economy is becoming the core force for the new round of industrial revolution, China s leading position in digital trade has become more evident, which leads to China s opportunity to exercise its discourse power and formulate new rules and pattern of global digital trade. In the next part, the Belt and Road Initiative (BRI) has opened up a new path for further international trade cooperation, improving the opening up pattern with the combination of sea and land, home and abroad, coastal and inland. Afterwards, the supply-side structural reform has entered a new stage, continually releasing institutional dividends, deepening the systematic reform. In the end, the huge demand of domestic markets and its growing potential have driven the utilization of domestic market effect, leading to the development of scale economy and the competitiveness of Chinese economy and enterprises. The formation of China s new advantages in global trade will further promote China s participation worldwide.