Aerial view of the bustling port in Rizhao, Shandong, China.
Editor’s note: Yang Hangjun is vice dean of the School of International Trade and Economics at UIBE. The article reflects the author’s views, not necessarily those of CGTN. Translated from Chinese and edited for clarity.
With global uncertainties impacting trade, China’s approach to foreign trade policies is critical. Data from early 2024 shows resilience in China’s trade despite challenges. The focus is now on expanding trade opportunities in a changing environment.
China’s imports and exports reached 32.33 trillion yuan in the first three quarters of 2024, a 5.3% increase. Exports were 18.62 trillion yuan (up 6.2%), while imports totaled 13.71 trillion yuan (up 4.1%). This reflects strong economic vitality.
Trade growth occurred with over 160 countries, especially with Belt and Road Initiative partners, which saw a 6.3% increase in trade value. Exports of high-tech and green products significantly rose, with high-end equipment exports growing over 40%.
Despite these successes, trade protectionism and geopolitical tensions pose challenges. China must enhance trade openness, cultivate new growth areas, and explore innovative trade opportunities.
1. Deepen Cooperation
Working more with Belt and Road partners in infrastructure and technology can diversify markets away from traditional ones like Europe and the U.S.
2. Boost High-Tech and Green Exports
Investing in R&D for high-tech and green industries will improve product quality and meet global demand.
3. Promote E-Commerce
Encouraging cross-border e-commerce and other digital business models will help create new trade growth drivers.
4. Optimize Business Environment
Reducing taxes, easing processes, and improving customs can lower costs for foreign trade companies.
5. Strengthen Trade Rule Participation
Active involvement in international trade rule-making will ensure a fair competitive environment for Chinese businesses.
Looking ahead, by maintaining high standards and addressing challenges, China can continue to enhance foreign trade, driving economic recovery and growth.
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