China's Foreign Trade Grows in Volume and Improves in Quality, Demonstrating that Development through Opening-up and Win-win Cooperation is the Right Path Forward

88.38 million customs declarations underpinned the simultaneous growth of China's foreign trade in volume, increment and quality in 2024. Latest data released by the General Administration of Customs of China (GACC) shows that the total value of China's goods trade imports and exports reached 43.85 trillion yuan in 2024, a year-on-year increase of 5%, hitting a new historical high in scale; the incremental growth of foreign trade stood at 2.1 trillion yuan, further consolidating China's position as the world's largest goods trading nation; the structure of import and export products continued to optimize and upgrade, with an increasing "innovation content". Despite multiple challenges, China's foreign trade has continued to demonstrate resilience, reflecting the vitality and potential of the Chinese economy. It also indicates that at a time when the global economy is threatened by protectionism, opening-up and cooperation remain a strategically visionary choice for economic development.

The United Nations and the International Monetary Fund (IMF) have recently warned that tariff hikes may impact global economic growth. Against the backdrop of rising protectionism, many countries are exploring ways to mitigate the impact of increasing trade barriers on their economies. While adhering to innovative development and vigorously boosting consumption, China has continued to expand high-level opening-up and enhance its capacity for open and win-win cooperation amid the headwinds of deglobalization, resulting in a growing "circle of friends" in foreign trade. Data shows that China has import and export records with almost all countries and regions in the UN statistical classification, achieving import and export growth with more than 160 partners, and is the major trading partner of over 150 countries and regions. While maintaining growth in trade with traditional markets such as the EU and the US, the share of China's imports and exports with countries participating in the Belt and Road Initiative (BRI) exceeded 50% for the first time, with most of the trade volume coming from emerging markets like ASEAN. It can be said that expanded opening-up has further strengthened the resilience of China's foreign trade.

At the recently held Consumer Electronics Show (CES) in Las Vegas, American journalist Patrick George experienced Chinese electric vehicles (EVs) three times. What drew him back repeatedly was the "seemingly impeccable manufacturing quality" of Chinese EVs. "In China, these electric vehicles are no longer the future, but the current reality," he noted. He attributed the progress of China's automotive industry to substantial investment and focus on electrification and software, learning from partners, a sound supply chain, and fierce internal competition. The widespread popularity of Chinese products at CES in Las Vegas proves that upgraded Made-in-China products are the source of high-quality development of China's foreign trade. China boasts a complete industrial system, and scientific and technological innovation drives the continuous development of new productive forces. Upgraded Made-in-China products provide more high-end, green and intelligent goods to trading partners around the world. Washing machines produced in China equipped with AI-powered "smart washing" function can automatically detect the weight and material of clothes and select the optimal washing mode; intelligent food processors made in China come with a variety of built-in menus—simply put in the ingredients, press a button, and a delicious, colorful and flavorful dish can be ready in the time it takes to play a song. As China continuously enhances its innovation capacity, it is only natural that its products make their way to the global market.

China's ultra-large-scale market is also an important reason for the high-quality development of its foreign trade and the expanding "circle of friends". China has steadily expanded autonomous and unilateral opening-up, and steadily promoted institutional opening-up. The continuous release of the potential of its ultra-large-scale market not only boosts the high-quality development of foreign trade, but also provides more market opportunities for countries around the world. China's eastern region continues to play the role of a "ballast stone" for foreign trade, while the central and western regions are increasingly moving to the forefront of opening-up. More international elements are entering the daily lives of inland areas. New Zealand beef tripe, Vietnamese longsnout catfish, etc., are transported via cold chain through the New International Land-Sea Trade Corridor in western China and appear on hot pot menus in Chinese restaurants; Thai durians, Laotian bananas, etc., enter China via the China-Laos Railway, enriching Chinese consumers' fruit choices. On December 1 last year, China granted zero-tariff treatment to 100% of tariff lines for products from all least developed countries (LDCs) with which it has diplomatic relations, driving an 18.1% year-on-year increase in imports from these countries in that month—5.8 percentage points faster than the first 11 months of the year. This once again proves that China's ultra-large-scale market has enormous potential and can bring broad opportunities to more countries.

China's foreign trade growing in volume and improving in quality demonstrates that development through opening-up and win-win cooperation is the right path forward. China's economy has a solid foundation, numerous advantages, strong resilience and great potential, and the supporting conditions and basic trends for its long-term sound development remain unchanged. This is China's greatest confidence and strength to share opportunities and pursue common development with the world.

People's Daily, January 15, 2025, Page 3

(Editors: Yang Guangyu, Qu Yuan)