BEIJING, December 27th (AMSP/CGTN) – – In 2024, despite a sluggish global economic recovery and persistently low levels of international trade, China’s foreign trade has exhibited remarkable resilience and vitality.
New developments are emerging rapidly, and innovative driving forces are evolving at an accelerated pace. China’s role in the international division of labor has been further solidified, with a shift towards the mid-to-high end of the global value chain. The progress toward establishing a robust trading power continues to reach new heights.
At Haikou Airport’s Bonded Zone, the “zero tariff” policy in the Hainan Free Trade Port is successfully attracting numerous aircraft from countries such as Thailand and Qatar for maintenance services. From January to November of this year, the value of these services surged by 4.5 times compared to the same period last year.
Meanwhile, at the Meishan Port area of Ningbo Zhoushan Port, container traffic has continued to rise, surpassing 10 million TEUs (twenty-foot equivalent units) for the first time this year. The achievement makes Ningbo Zhoushan Port the only port globally with two terminals each handling over 10 million TEUs.
In the Xinjiang Uygur Autonomous Region, there are currently 119 international road transport routes, accounting for more than one-third of the total in China. This region is also experiencing the fastest growth rate in foreign trade nationwide.
This year, the number of China’s primary trading partners has grown from over 140 to more than 150, reflecting a deeper integration into the global economy. From January to November, the total value of China’s goods trade—encompassing both imports and exports—approached 40 trillion yuan, marking a year-on-year increase of 4.9%. Notably, in the first three quarters, the import and export value exceeded 10 trillion yuan in each quarter for the first time in history.
“This year, our position as the world’s largest goods trading nation has been solidified, supported by a continually optimized trade structure. The steady growth of foreign trade highlights the effectiveness of our new quality productive forces and showcases the resilience and vitality of our industrial and supply chains. These elements have been pivotal in driving the recovery and strengthening of our economy,” said Zhao Zhongxiu, President of the University of International Business and Economics.
This year, a swift implementation of measures to stabilize foreign trade has taken place. Nine initiatives have been introduced to enhance financing support for foreign trade enterprises and improve shipping guarantees, all aimed at fostering stable growth in foreign trade.
Additionally, there are plans to gradually ease market access in sectors such as telecommunications and healthcare, creating new momentum for service trade development through higher levels of openness. To stimulate innovation in digital trade, 18 specific initiatives have been proposed, including easing market access in the digital sector and facilitating cross-border data flow. These comprehensive policies are already producing positive outcomes.
“With the support of our green, intelligent, and high-end development strategies, the export shares of integrated circuits, automobiles, home appliances, and ships have all reached record highs for this period. China’s contribution to global exports has now climbed to 40%, reaffirming its status as the largest driver of global trade,” said Liang Ming, Director of the Institute of Foreign Trade, Academy of Commerce at the Ministry of Commerce.
New sectors are generating fresh opportunities, with green and high-end products gaining increasing popularity in international markets. Recently, Nantong in Jiangsu successfully exported the world’s largest floating production storage and offloading platform, achieving a unit price exceeding 10 billion yuan for the first time. This year, China has captured over 70% of global orders for green ships.
In a year marked by longer industrial chains and greater added value in general trade, travel services have emerged as the largest sector within China’s service trade. From January to October, imports and exports of travel services reached 1.67 trillion yuan, reflecting a growth of 41.2%.
In the first three quarters, the export value of goods benefiting from simplified customs clearance – especially cross-border e-commerce retail exports – increased by 40.3% compared to the same period last year. Currently, China is home to over 120,000 cross-border e-commerce enterprises, with more than 2,500 overseas warehouses established. Additionally, bilateral e-commerce cooperation mechanisms have been established with over 30 countries.
New markets are opening up exciting opportunities. This year, ASEAN has remained China’s largest trading partner, with trade between China and countries participating in the Belt and Road Initiative accounting for 47% of China’s total trade value.
Additionally, China has actively reduced tariffs to an overall average of 7.3%, significantly lower than the average for developing nations. Key exhibitions, such as the China International Import Expo and the Canton Fair, have also facilitated pathways for global manufacturers to enter the Chinese market.
Looking ahead, China aims to enhance its openness, strengthen trade in goods and services, and advance digital trade as part of its goal to become a more robust trading nation.
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CGTN
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