New Delhi, India(TEH) – In a momentous achievement, China’s foreign trade imports and exports have surpassed 200 trillion yuan in the first half of 2023, marking a significant 2.1 percent increase compared to the same period last year. This unprecedented milestone sets a new historical record, demonstrating the robustness and vitality of China’s trade relations on the global stage.
The remarkable growth in both imports and exports has been complemented by an optimization in the overall structure of China’s foreign trade. According to the latest statistics, the resilience of China’s foreign trade is becoming increasingly evident, driven by various positive factors that have contributed to this outstanding performance.
One of the key drivers of this growth is China’s cross-border e-commerce segment, which has witnessed a remarkable rise. The import and export of cross-border e-commerce goods reached an impressive 1.1 trillion yuan, showing an impressive 16 percent increase from the corresponding period in the previous year. This burgeoning sector has been instrumental in bolstering the overall trade figures, signaling a shift towards more digital and technologically-driven commerce.
Moreover, China’s “three new” products, a term referring to popular and innovative export items, have experienced an extraordinary surge of 61.6 percent in total exports. This significant upswing has played a crucial role in boosting the overall export growth to a commendable 1.8 percent.
China’s involvement in the “Belt and Road” initiative has also contributed to the positive trade trajectory. Trade with countries participating in the “Belt and Road” project exhibited a robust growth rate of 9.8 percent, surpassing the overall growth rate by 7.7 percent. This indicates the tangible benefits of the initiative and its potential for further strengthening economic ties in the region.
Furthermore, private enterprises have emerged as a driving force in China’s trade landscape. In the first half of 2023, the import and export value of private companies amounted to a substantial 105.9 trillion yuan, showcasing a commendable 8.9 percent increase over the same period last year. These enterprises now account for 52.7 percent of the total import and export value, reflecting their growing significance in shaping the country’s foreign trade dynamics.
China’s resilient trade performance comes amid a backdrop of global economic challenges, including the sluggish recovery of the world economy and a slowdown in international trade and investment. However, China’s commitment to high-level opening-up has proven to be a crucial factor in sustaining growth and creating new opportunities for foreign trade.
As China continues to expand its global economic engagements and open up to the world, new growth points for foreign trade are steadily forming. The first half of 2023 has set a strong precedent for the country’s future economic prospects, positioning China as a vital player in the global trade landscape.
