China remains the main engine of global trade growth: Global Times editorial

BEIJING , Dec. 12, 2024 /PRNewswire/ -- According to statistics recently released on the official website of the General Administration of Customs, the total value of China's goods trade reached 39.79 trillion yuan ($5.6 trillion) in the January-November period, expanding by 4.9 percent year on year. China's exports accounted for 23.04 trillion yuan, up 6.7 percent, while imports reached 16.75 trillion yuan, up 2.4 percent. This growth builds on China's position as the world's largest goods trading nation for seven consecutive years, with a share in world exports of 14.2 percent in 2023. It underscores the rising role of cost-effective "Made in China" products in the global industrial and supply chains. The release of this foreign trade "report card" once again highlights the resilience and vitality of the Chinese economy.

Currently, global trade is characterized by a mix of opportunities and challenges. According to the Global Trade Update released last week by the United Nations Conference on Trade and Development, global trade is poised to hit a record $33 trillion in 2024, representing an annual growth rate of 3.3 percent. This indicates that global trade continues to demonstrate strong resilience despite numerous challenges. 

Meanwhile, developing economies are facing pressures from slowing growth, particularly in traditional industries such as energy and metals, which are experiencing downward trends. Moreover, the risks of escalating trade frictions and persistent geopolitical challenges add uncertainty to the outlook for global trade.

In this context, China's "report card" is hard-won. From a structural perspective, exports of mechanical and electrical products grew by 8.4 percent year-on-year during the January-November period, with integrated circuit exports rising by 20.3 percent, surpassing the overall export growth rate. While the "new three" items continue to lead foreign trade development, exports of containers increased by 108.7 percent, and ships by 65.3 percent, becoming new growth drivers for foreign trade. From a market distribution perspective, trade with Belt and Road Initiative (BRI) partner countries grew by 6 percent in the first 11 months, while trade with ASEAN countries increased by 8.6 percent. Chinese enterprises have been actively expanding their diversified international markets, particularly by deepening cooperation with ASEAN and other BRI partner regions.

From a model perspective, cross-border e-commerce exports have shown strong momentum, with imports and exports increasing by 11.5 percent year-on-year in the first three quarters. The "small orders and quick response" model has breathed new life into the exports of traditional labor-intensive products such as clothing and apparel. Digital trade tools have significantly reduced trade costs for businesses and improved their trade efficiency. In addition, domestically produced electric tricycles and outdoor products have emerged as new "blockbusters," while specialty agricultural products are rapidly entering international markets. A range of "small but exquisite" products has quickly gained popularity overseas, becoming new highlights driving foreign trade development.

Notably, China's foreign trade is increasingly characterized by a shift toward being "green," "intelligent," and "innovative." Supported by a comprehensive manufacturing system, China not only efficiently and cost-effectively meets the diverse needs of global markets but also enhances production efficiency and product quality through intelligent manufacturing and digital transformation. This technology-driven upgrade has enabled "Made in China" products to shed the label of "cheap," achieving a balance between quality and affordability that improves its competitiveness in international markets. 

Particularly, through technological innovation and flexible adjustments, China's manufacturing sector continues to adapt to complex global dynamics, elevating its "cost advantage" into a "system advantage," and positioning China as a critical stabilizing force in the global industrial and supply chains.

The overall growth in import and export data this year indicates that China is not only contributing "Made in China" products to the world but is also opening its doors to provide a large market and new opportunities for countries around the globe. From Rwandan honey and Ugandan wild aquatic products to Chadian peanuts and sesame, an increasing number of African agricultural products are arriving in China. 

With the official implementation of zero-tariff treatment for 100 percent tariff lines given by China to all least developed countries that have established diplomatic relations with China starting in December, and with the official launch of the new land-sea corridor of "from Chancay to Shanghai," China's initiatives of "opening up," "building roads," and "connectivity" are allowing other countries to share in the dividends of China's high-quality development through the bridge of trade.

The global supply chain is akin to an ecosystem, where various nodes are interdependent and co-evolve. China is not merely a participant in this system; it is a key node that links and empowers the entire system. 

In recent years, through its resilience and innovative capabilities, China has transformed the pressures of de-globalization into a driving force for industrial upgrading, adopting a more open and inclusive stance to build a more diversified market and partnerships. From the supply of production materials to the market for consumer goods, China offers not only tangible products but also a systematic solution with unique advantages. China's extensive global trade "circle of friends," driven by cooperation and mutual benefit, is becoming increasingly solid, continuously injecting certainty and growth momentum into the global economy.

SOURCE Global Times