China’s foreign trade has seen an “extremely impressive” growth of 8.7 percent in the first two months of the year, according to Xu Sitao, chief economist of Deloitte China. The remarkable surge in trade surpassed Reuters’ forecasts by a significant margin, signaling strong momentum in the nation’s economic recovery.
In an interview with CGTN, Xu highlighted the robust performance in the export of electric vehicles and substantial gains in trade with ASEAN countries. “The electric vehicle sector has been a standout performer, contributing greatly to the trade figures,” Xu remarked. He noted that the Association of Southeast Asian Nations (ASEAN) has become China’s largest trading partner, reflecting deepening economic ties within the region.
However, Xu also cautioned about potential challenges ahead, particularly in the European market. “While the trade growth is encouraging, we must remain vigilant about the uncertainties in Europe,” he warned, pointing to ongoing geopolitical tensions and economic fluctuations that could affect demand.
The impressive trade figures come as China continues to navigate the complexities of the global economic landscape. Analysts believe that sustained growth in sectors like electric vehicles could bolster China’s position in international trade, despite external challenges.
For business professionals and investors, China’s trade growth presents opportunities to engage with the rapidly expanding markets in Asia. Academics and researchers may find the developments significant for understanding regional economic trends, while members of the Asian diaspora and global readers can stay informed about the dynamic shifts in China’s economic activities.
Reference(s):
Deloitte economist: China's trade growth 'extremely impressive'
cgtn.com
