China's mechanical and electrical product exports improve in quality
China's mechanical and electrical products export is seeing a slower growth with higher quality, industry experts said at a recent seminar.
According to Gao Shiwang, director of business development of China Chamber of Commerce for Import and Export of Machinery and Electronic Products, the sector's export is slowing down but the quality and efficiency has improved.
As a major part of the country's export, the export of machinery and electronic products increased 5 percent year-on-year to reach $1.51 trillion in the first half of 2022, accounting for 49.1 percent of trade in goods. The transformation of the global supply chain has brought lots of opportunities and challenges to this industry.
Shi Yiming, a senior analyst of Made-in-China.com said that due to the Russia-Ukraine conflict, the number of registrations and inquiries of Russian buyers have increased substantially on the website since February. With the massive withdrawal of European and American enterprises from the Russian market, the purchase demand in various industries, including the automobile industry, mechanical and electrical industry, and consumer goods industry has increased significantly.
Considering the current status of sanctions against Russia in the international market, Shi suggested that it would be safer for exporters to adopt the cross-border renminbi settlement for their business with Russia. Now, Made-in-China.com has also upgraded their online transaction services, providing a variety of B2B payment and collection solutions and offering "0 rate" for online transaction payments, making online transactions a universal cross-border transaction service.