Development of the foreign trade economy of china under the new normal context of global trade

The development of the world economy drastically changed since the global economic crisis, and the status of global trade is renewed. China experienced unprecedented progress as the country adopted an open economy, the reform implementation, and the rapid advancement of foreign trade, which effectively promoted social and economic development and improved the international influence of the country. The four main features of the new normal global trade are summarized based on the literature findings. These features include low-and medium-speed growth, regionalization and grouping, the "South rising North", and the contraction and reconstruction of the global value chain. Import and export trade volumes were analyzed in the current study. The six basic influencing factors were established by studying the index system of the foreign trade economic level of China. The factors that influence the foreign trade economic level of China were examined by employing principal component and nonlinear regression analyses, and the correlation was determined. A regression model was established, and the development trend of China's foreign trade economic level was predicted. The current study contributed to the literature on the economic development of China's foreign trade under the new normal context of global trade.