China’s foreign trade and consumption have maintained steady growth in the first half of 2024, according to Li Yongsha, deputy international trade negotiator of China’s Ministry of Commerce (MOFCOM). During a press conference on Friday, Li highlighted the nation’s steady progress in business activities, achieving high-quality development, and making positive contributions to the national economy.
“Consumption has maintained steady growth,” Li stated. Total retail sales of consumer goods reached 23.6 trillion yuan ($3.3 trillion) in the first half of this year, marking a 3.7 percent increase. This growth reflects the resilience and vitality of China’s domestic market amidst global economic uncertainties.
Foreign trade has also seen significant growth. Imports and exports of goods and services increased by 6.1 percent and 14 percent respectively in the first half of 2024, contributing 13.9 percent to economic growth. “Our foreign trade sector continues to be a strong driver of the economy,” Li noted.
A survey conducted by the ministry involving 16,000 key foreign trade and foreign-funded enterprises revealed that over 70 percent expect their exports to increase this year. This optimistic outlook underscores the confidence of businesses in China’s trade prospects.
In addition, overseas investment and cooperation have grown rapidly. Foreign non-financial direct investment reached 516 billion yuan in the first half of this year, up by 19.5 percent. The ministry has also held 12 round tables with foreign-funded enterprises to optimize the business environment. As a result, the number of newly established foreign-funded enterprises reached 27,000, and the actual use of foreign investment totaled 498.9 billion yuan.
Looking ahead, Li emphasized that the ministry will expand institutional opening up and deepen the reform of the foreign trade system. “We will further open up the foreign investment and outbound investment management system to make new and greater contributions to the promotion of Chinese modernization,” Li added.
The steady growth in consumption and foreign trade indicates China’s ongoing commitment to economic development and integration with the global economy. The initiatives outlined by MOFCOM aim to foster a more open and collaborative business environment, benefiting both domestic and international stakeholders.
Reference(s):
China's foreign trade and consumption have maintained steady growth
cgtn.com
