Although the large on-site exhibition of foreign trade products scheduled to be held from July 30 to Aug 1 was canceled, an online promotion activity was held as planned on many of China's mainstream e-commerce livestreaming platforms. 

Li Xingqian, official of the Ministry of Commerce in charge of foreign trade, delivered a keynote speech for the online foreign trade product promotion activities. 

Highlighting the activity as a powerful measure supported by the ministry, the State Administration of Market Regulation, the Fujian Provincial People's Government, and the Xiamen municipal people's government to stabilize China's foreign trade, Li recognized Xiamen's achievements and role as a special economic zone and pioneer in foreign trade since the beginning of reform and opening up. 

He described China's foreign and domestic trade as two powerful elements that have grown rapidly and reinforced each other. China has risen to become the world's largest trade powerhouse and second largest consumption market, and domestic demand, especially consumption demand, has become a major engine behind economic development and increasing employment. 

Li cited some data to support his point. During the first half of 2021, China's exports and imports were valued at 18.1 trillion yuan ($2.72 trillion), a year-on-year increase of 27 percent. The total retail sales of consumer goods in China reached 21.2 trillion yuan in the same period, up 23 percent year-on-year. 

Li insisted that while China is ramping up efforts to integrate into the global industrial chains, supply chains, and value chains, its domestic market is becoming increasingly powerful, with unprecedented potential being released. The domestic market not only vitalizes China's own development, but also stimulates the global economy to recover at a faster speed. 

Possessing a massive overseas market and serving consumers all over the world, foreign trade enterprises are also responsible for upgrading domestic purchasing quality. 

Li stressed that Xiamen should give full play to its status as a city of culture, fashion, and foreign trade. He also said he expected the online promotion activities to boost foreign trade, enrich citizen's consumption experience, and open a new window for the city's new development paradigm.