The Chinese mainland has reported robust growth in foreign trade and domestic consumption for the first half of 2024, signaling strong economic momentum.
Li Yongsha, deputy international trade negotiator of the Ministry of Commerce (MOFCOM), highlighted during a press conference that total retail sales of consumer goods reached 23.6 trillion yuan ($3.3 trillion), marking a 3.7% increase. This steady growth in consumption reflects the resilience of the domestic market.
Foreign trade also saw significant gains, with imports rising by 6.1% and exports surging by 14% in the first half of the year. These figures contributed 13.9% to the overall economic growth, underscoring the vital role of international trade in the mainland's economic landscape.
A survey conducted by MOFCOM involving 16,000 key foreign trade enterprises revealed that over 70% anticipate an increase in exports this year, indicating a positive outlook among businesses.
In addition to trade, overseas investment and cooperation have grown rapidly. Foreign non-financial direct investment reached 516 billion yuan, a 19.5% increase. MOFCOM's efforts to optimize the business environment through 12 round tables with foreign-funded enterprises have been instrumental, resulting in the establishment of 27,000 new foreign-funded enterprises and an actual use of foreign investment totaling 498.9 billion yuan.
Looking ahead, Li emphasized that MOFCOM will continue to expand institutional opening and deepen the reform of the foreign trade system. By further opening the foreign investment and outbound investment management systems, the ministry aims to make new and greater contributions to the modernization of the Chinese mainland.
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China's foreign trade and consumption have maintained steady growth
cgtn.com
