China’s total foreign trade expanded by 5 percent year on year in 2024, hitting a record 43.85 trillion yuan (around $6.1 trillion), according to official data released on Monday. This remarkable growth underscores the Chinese mainland’s resilient economic performance amid global uncertainties.
Exports grew by 7.1 percent to 25.45 trillion yuan, breaking the 25 trillion yuan mark for the first time and maintaining an upward trend for eight consecutive years. Imports edged up by 2.3 percent from the previous year to 18.39 trillion yuan, as reported by the General Administration of Customs (GAC).
Speaking at a government press conference held in Beijing, GAC deputy head Wang Lingjun highlighted that the Chinese mainland’s foreign trade growth in 2024 was relatively fast among major economies worldwide.
“China has become a major trading partner of more than 150 countries and regions, and the country’s circle of friends in foreign trade is getting larger,” Wang said.
The official noted that the structure of import and export products had been continuously optimized and upgraded over the past year. High-tech products reported robust growth, and there was a boom in new forms of trade, such as cross-border e-commerce.
Wang emphasized that the Chinese mainland’s foreign trade achievements in 2024 did not come easily. They resulted from timely incremental policies rolled out by the central authorities and measures aimed at stabilizing foreign trade.
“Last year, customs authorities introduced and implemented 16 measures to optimize the business environment at ports and further facilitate enterprises’ ability to clear customs,” he said.
Special actions to promote cross-border trade facilitation were also undertaken in 20 cities to create a market-oriented, law-based, and internationalized first-class port business environment.
(With input from Xinhua)
Reference(s):
cgtn.com