China’s total foreign trade surged by 5% in 2024, hitting a new record of 43.85 trillion yuan (approximately $6.1 trillion), according to official data released on Monday by the General Administration of Customs (GAC). This remarkable growth highlights China’s expanding role in the global economy and its resilience amid worldwide economic challenges.
Exports Break New Ground
Exports from China grew by 7.1% year-on-year, reaching 25.45 trillion yuan and surpassing the 25 trillion yuan mark for the first time. This marks eight consecutive years of export growth, showcasing the country’s strong manufacturing and production capabilities.
Steady Rise in Imports
Imports also saw an increase, edging up by 2.3% from the previous year to 18.39 trillion yuan. The steady growth in imports reflects China’s growing domestic demand and its integration into global supply chains.
Expanding Global Partnerships
Speaking at a press conference in Beijing, GAC deputy head Wang Lingjun emphasized China’s significant trade achievements. “China has become a major trading partner of more than 150 countries and regions, and the country’s circle of friends in foreign trade is getting larger,” Wang said.
Innovation Driving Trade Growth
Wang highlighted the continuous optimization and upgrading of import and export structures. High-tech products reported strong growth, and new forms of trade, such as cross-border e-commerce, experienced a significant boom. These developments indicate China’s commitment to embracing innovation and technology in trade.
Policies Fueling Success
The impressive foreign trade performance did not come easily. Wang attributed the success to timely policies implemented by central authorities aimed at stabilizing foreign trade. Last year, customs authorities introduced 16 measures to optimize the business environment at ports, making it easier for enterprises to clear customs.
Special actions were also taken in 20 cities to promote cross-border trade facilitation, creating a market-oriented, law-based, and internationalized first-class port business environment.
What This Means for the Global South
China’s expanding trade relationships present new opportunities for countries in the Global South. As China continues to import more and forge partnerships, there could be increased demand for products and resources from these regions. Moreover, the boom in cross-border e-commerce opens doors for young entrepreneurs and businesses to tap into the Chinese market, fostering economic growth and collaboration.
Reference(s):
cgtn.com
