China has recently made significant strides in its foreign trade sector, showcasing resilience and growth in a challenging global economic landscape.
In the latter part of this year, there has been a notable improvement in China’s foreign trade structure. This progress is attributed to the steady growth in trade activity and external demand in recent months. The Ministry of Commerce reported that China’s export volume has been expanding since August, and this growth rate has been continuously increasing. In November, China’s foreign trade value reached an impressive 3.7 trillion yuan (about $515 billion), marking a 1.2% increase year-on-year. This growth is not just in numbers but also in the diversity of trade, with notable increases in exports to the United States and a recovery in demand for consumer electronics products.
Moreover, China’s foreign trade registered year-on-year growth in October, signaling a gradual stabilization in the world’s second-largest economy. This growth is supported by various policy measures and an increase in global market consumption during the festival season. In October, China’s foreign trade in goods amounted to 3.54 trillion yuan ($486 billion), indicating a positive trajectory in both exports and imports.
The data from the General Administration of Customs further highlights the rapid growth momentum of China’s foreign trade. In the first three quarters of the year, China’s foreign trade in goods totaled 28.33 trillion yuan ($4.4 trillion), up 22.7% year-on-year. This growth, compared to the same period in 2019, shows a significant expansion of 23.4% in foreign trade, with exports increasing by 24.5% and imports by 22%.
Additionally, China has implemented new measures to boost foreign trade. These measures aim to expedite the integrated development of local and foreign trade, providing more export options and risk reduction for domestic companies. The State Council’s new policies are designed to align domestic and foreign trade rules and systems, strengthen fiscal and financial support, and facilitate smoother trade resource flows. Such initiatives are expected to harmonize standards and quality for both domestic consumption and exports, thereby enhancing China’s competitiveness in the global market.
These developments reflect China’s growing competitiveness in the global trade arena and its ability to adapt to changing economic conditions. The country’s proactive approach in policy-making and trade strategy adjustment is pivotal in maintaining its position as a significant player in global trade.
Post time: Dec-22-2023