Author(s)

Shurui Liu, Jing Yuan

Corresponding Author

Shurui Liu

ABSTRACT

After China's entry into the WTO in 2001, the volume of import and export trade has exploded, providing a huge impetus for China's economic development. China's major trading partners have played an important role. With the continuous growth of the economy, China's foreign trade is also facing tremendous changes and a new pattern. The world economic situation is down, China-US relations are complicated. Facing today's foreign trade pattern, China must not rely too much on its consistent trading partner countries and should develop its own circle of foreign trade friends independently. Therefore, the "Belt and Road" strategy emerged at the historic moment, which is a major national strategy for China's current foreign trade development. However, the premise of making good use of the “Belt and Road” strategy is to solve the challenges facing China's foreign trade development: such as the current imbalance in domestic development, export-oriented enterprises facing development bottlenecks, and imperfect legislative mechanisms. In order to solve these problems, we must start with each subject: the government should strengthen the policy of backward central and western regions, introduce talents, connect with the "Belt and Road" strategy, and encourage enterprises to innovate; companies should increase research efforts and increase high-tech products Export ratio; the industry should improve legislation and regulations to provide export protection for enterprises. Only by tackling these new challenges in foreign trade can we truly turn the “Belt and Road” strategy into a driver for the steady development of China’s economy and truly use the “Belt and Road” strategy to achieve the prosperity and stability of China’s foreign trade.

KEYWORDS

WTO, Trading partners, China-America trade, One Belt and one Road, trade challenges