China's foreign trade maintains momentum with fresh shifts

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By Wang Nan, Zhou Siyu (Xinhua) 09:13, July 27, 2024

* China's record foreign trade data are "a testament to the resilience and adaptability of its economy," said Abdulaziz Alshaabani, a Saudi researcher at Al Riyadh Center for Political and Strategic Studies.

* Experts said China's stable foreign trade growth is due to its strong manufacturing capabilities, burgeoning consumer market, technological advancements as well as free trade policies, which create vast opportunities such as increased market access and enhanced supply chain integration for multinationals.

* EVs, solar batteries and lithium-ion batteries, categorized as China's tech-intensive and green "new three," reported a combined export value of 150 billion dollars in 2023, jumping 29.9 percent year on year.

People visit the booth of the United Arab Emirates during the 2023 China International Fair for Trade in Services (CIFTIS) at China National Convention Center in Beijing, capital of China, Sept. 4, 2023. (Xinhua/Wu Wei)

BEIJING, July 26 (Xinhua) -- China's foreign trade volume reached a new high in the first half of this year, showing strong resilience and a steady upward momentum despite the challenging external environment.

China's strong manufacturing capabilities, along with its burgeoning consumer market, technological advancements and favorable trade policies, have been providing its trade partners with vast opportunities and boosting the global economic recovery.

Observing a shift towards tech-intensive and green exports, as well as increased trade cooperation with emerging markets, overseas experts have expressed their confidence in the prospects of China's foreign trade.

SOUND MOMENTUM

China's trade volume expanded 6.1 percent year on year to about 2.97 trillion U.S. dollars in the January-June period, with exports rising 6.9 percent and imports climbing 5.2 percent, according to the country's General Administration of Customs (GAC).

It is the first time in the same period in history that the country's foreign trade exceeded 2.97 trillion dollars, said the GAC.

The growth of the country's foreign trade accelerated quarter by quarter, as it grew 7.4 percent compared to a year earlier in the second quarter, 2.5 percentage points higher than the first quarter and 5.7 percentage points higher than the fourth quarter of last year.

This photo taken on May 5, 2023 shows the venue for the First Hunan (Huaihua) RCEP Economic and Trade Expo in Huaihua City, central China's Hunan Province. (Xinhua/Yu Chunsheng)

China's record foreign trade data are "a testament to the resilience and adaptability of its economy," said Abdulaziz Alshaabani, a Saudi researcher at Al Riyadh Center for Political and Strategic Studies.

"This achievement highlights the country's effective handling of global supply chain challenges," said Alshaabani, adding it also underscores China's vital role in global trade and its ability to foster international economic partnerships.

China's global trading network is also expanding. The country has now become the world's largest trader of goods and a major trading partner for over 140 countries and regions, contributing an average of nearly 30 percent to the world's annual economic growth.

To date, China has signed free trade agreements with 29 countries and regions, according to its Ministry of Commerce.

GLOBAL SIGNIFICANCE

The rapid growth of China's foreign trade has not only accelerated its own economic development, but also made important contributions to the stability and recovery of the global economy.

"China's rapid foreign trade growth has significantly boosted the global economy by enhancing supply chain efficiency, increasing the availability of diverse goods, and stimulating economic activity worldwide," said Alshaabani.

Experts said China's stable foreign trade growth is due to its strong manufacturing capabilities, burgeoning consumer market, technological advancements as well as free trade policies, which create vast opportunities such as increased market access and enhanced supply chain integration for multinationals.

China has so far established 22 pilot free trade zones and is constructing the Hainan Free Trade Port. China has also created a number of international trade cooperation platforms like the China International Import Expo and the China International Fair for Trade in Services. Policies include shortening the negative list for foreign investment and lifting market access restrictions in such service sectors as telecommunications and medical care are introduced to encourage more foreign investment.

An aerial drone photo shows the Heihe Area of China (Heilongjiang) Pilot Free Trade Zone in Heihe, northeast China's Heilongjiang Province, Jan. 31, 2024. (Xinhua/Xie Jianfei)

"It has facilitated greater market access for international businesses and fostered economic interdependence, promoting global economic stability and growth," Alshaabani said.