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            october 24, 2019

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China is expected to produce annual GDP growth rates of seven to eight per cent


China is expected to produce annual GDP growth rates of seven to eight per cent over the next decade, and forwarders need to strengthen their international presence, said Ministry of Commerce deputy trade service chief Lv Jijian.
Speaking at the recent 11th annual Sino International Freight Forwarders Conference in Guangzhou, Mr Lv said forwarders needed to establish closer international relations as China introduces more free-market policies.
"The economic importance is evident, but we also want to build a future that is both sustainable and green," he said. "Implementing these policies is important and will lead to a transformation in China in this sector.
"We see annual growth rates of seven and eight per cent over the next decade. To put this in perspective, just the new business generated in China each year equals the entire economic output of Turkey," he said.
"China's forwarders need to continue to innovate and upgrade, adapt to new concepts and face the challenges of the market. Key to this is strengthening international cooperation," he said.
Zhao Huxiang, president of the China International Freight Forwarders Association (CIFA), said that after the period of double-digit growth, China was now entering a period of growth sustained by state stimulus.
"The plan for 2014-20 has been published and is focused on sustainable development," he said. As well as focusing on growth, China wants to increase efficiencies in the supply chain and, for the first time, is talking seriously about environmental sustainability too," he said.
According to Shipping Gazette, more than 800 delegates attended the conference, co-organised by CIFA and the freight forwarding network WCA and supported by China's Ministry of Commerce.
During the three-day event, more than 25,000 individual pre-planned One-on-One scheduled meetings took place, bringing the total to over 500,000 meetings in the event's 11-year history, establishing thousands of long-term business relationships, said WCA President David Yokeum.
"Yet the opportunities remain huge, and for many companies the possibilities of China have yet to be fully explored," Mr Yokeum said.
"This is why this conference continues to play such an important role and those of you here are the innovative companies that help lay the foundations for future mutual sustainable growth." he said.

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