China's Ministry of Commerce (MOC) has stated that the following factors contributed to the strong increases seen in the value of China’s imports and exports in the January-July period of the current year.
First of all, there have been forecasts for increased global economic growth: for instance, the International Monetary Fund (IMF) forecast on July 23 that global economic growth in 2017 will be 3.5 percent, up 0.3 percentage points compared to 2016, and which would be the highest level seen in the past three years.
Secondly, China has issued several policies to support exports development this year, reducing taxes on enterprises and providing them with a good environment for exports.
Thirdly, increases in commodity prices and volumes pushed up the total value of China’s imports. In the January-July period, the import prices of ten major commodities, including crude oil, iron ore, natural gas, finished steel, copper concentrate and others., increased by 11.2-84.1 percent year on year, while import volumes of these commodities rose by 3.4-25.1 percent year on year.