China's foreign trade surged by 5% in 2024, reaching an unprecedented 43.85 trillion yuan (approximately $6.1 trillion), as per the latest figures released by the General Administration of Customs (GAC).
Export numbers painted an impressive picture, growing by 7.1% year-on-year to hit 25.45 trillion yuan. This milestone marks the first time exports have surpassed the 25 trillion yuan threshold, continuing a robust eight-year upward trajectory. On the import side, there was a modest increase of 2.3%, totaling 18.39 trillion yuan.
At a government press conference in Beijing, Wang Lingjun, deputy head of the GAC, highlighted the accelerated pace of China's trade growth compared to other major global economies. \"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 stated.
The diversification and enhancement of the import and export product structure were also noted, with high-tech products showing significant growth. Additionally, new forms of trade, particularly cross-border e-commerce, experienced a boom, reflecting the dynamic shift in global trading practices.
Wang emphasized that these achievements were not coincidental but the result of strategic policies implemented by central authorities. Over the past year, the customs authorities introduced 16 measures aimed at optimizing the business environment at ports, thereby facilitating smoother customs clearance for businesses.
Moreover, special initiatives to promote cross-border trade facilitation were launched in 20 cities. These efforts aim to cultivate a market-oriented, law-based, and internationally competitive port business environment, further strengthening China's position in global trade.
Reference(s):
cgtn.com
