One of the key components of every nation's economic resiliency is the expansion of its foreign trade. The foreign trade growth has also been inextricably tied to the Chinese mainland's economic resiliency and stability. Recent data from the Chinese mainland's General Administration of Customs shows the country's foreign trade has continued to improve in the first three quarters of 2024. This growth indicates the Chinese mainland's strong economic resilience driven by its market-oriented foreign trade policy, the continuing reform and opening-up, and the growing demand for Chinese goods around the world. All have boosted the Chinese mainland's economic performance and its global trade presence.
From January to September this year, the Chinese mainland's imports and exports totaled 32.33 trillion yuan (about $4.57 trillion), up 5.3 percent year on year despite some external challenges, such as the decoupling attempt by some Western countries and the global economic slowdown. The factors behind the growth include the global popularity of Chinese products, their high quality and competitiveness, and the Chinese mainland's willingness to close the trade deficit with countries that have a trade deficit with the nation. As the domestic economy continues to improve and the demand in the exports market picks up speed, both imports and exports saw notable rises, denying some countries' decoupling noises and protectionist moves.
The growth figures show that the Chinese mainland's foreign trade growth and recovery is still going strong, with imports increasing by 4.1 percent year on year to 13.71 trillion yuan and exports by 6.2 percent to 18.62 trillion yuan in the first three quarters. The Chinese mainland is constantly looking for new markets for both traditional and advanced goods and services, including advanced manufacturing, electronics, and cutting-edge products, among others. As the world's second-largest economy, the Chinese mainland also promotes domestic economic activities and paves the way for the growth of private enterprises. As a result, foreign trade figures are expected to continue accelerating steadily in the upcoming months.
During the period, mechanical and electrical products remained the dominant force in the Chinese mainland's exports, making up nearly 60 percent of the total. Despite Western protectionism, the \"new three\" – electric vehicles (EV), lithium batteries, and photovoltaic products – reached 757.83 billion yuan in exports, accounting for 4.1 percent of total export value. Their contribution is expected to continue growing in the international market, as the Chinese mainland consistently seeks to expand its market share and the global push toward green development is evident. Meanwhile, the Chinese mainland's trade with over 160 countries and regions has also achieved growth in the first three quarters.
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China's foreign trade growth indicates a positive economic momentum
cgtn.com
