Amid rising protectionism and geopolitical risks, China will implement a series of measures in the second half of the year to sustain and enhance its positive foreign trade trajectory, customs officials said on Tuesday.
The measures include creating a conducive institutional framework to expand intermediate goods trade, facilitating imports of advanced technology equipment and key components, and supporting the growth of new business formats such as cross-border e-commerce and overseas warehouse operations.
Speaking at a news conference in Beijing, Lyu Daliang, director of the General Administration of Customs’ department of statistics and analysis, said these initiatives aim to bolster China’s global trade competitiveness and ensure long-term stability and growth.
Despite facing challenges such as unilateralism and the disruption of global supply chains, Lyu said that supported by the advantages of a vast domestic market and a complete industrial system, along with various policies to stabilize exports, the country’s foreign trade will experience steady growth in the next phase.
Chinese exporters, driven by a marginal improvement in external demand and their own technological innovations, stimulated a new momentum in foreign trade in the first half of the year, providing the world with innovative and high-quality products, he added.
China set a new record in the first half, with foreign trade reaching 21.17 trillion yuan ($2.92 trillion), a year-on-year increase of 6.1 percent, while exports surged 6.9 percent on a yearly basis to 12.13 trillion yuan, customs statistics showed.
The global upward cycle in technology and green transformation will continue to benefit the exporters of China’s semiconductors, mechanical and electrical products, vessels and electric vehicles, creating structural growth potential for the country’s exports in the second half, said Wang Xiaosong, a professor at the Renmin University of China’s School of Economics in Beijing.
The shift in developed countries from service spending to increased demand for goods will also drive China’s exports this year, Wang said.
Zhao Zenglian, vice-minister of the GAC, said that innovation will effectively boost the confidence of Chinese manufacturers and China’s high-quality development will enable global trade partners to share the opportunities of its vast market.
The sentiment is in line with the latest data. China’s exports of high-tech products rose 6 percent year-on-year in 2023, accounting for 18.7 percent of its total export value. Additionally, exports of domestic brands grew 9.3 percent on a yearly basis last year, making up 21 percent of the overall exports, according to customs data.
Dismissing the “overcapacity “narrative of some Western countries, Zhao said that China’s new energy products are not overproduced. Instead, Chinese companies are supplying tech-intensive green products to many parts of the world, contributing significantly to the global fight against climate change.
“Protectionist moves will only lead to self-isolation, while openness and sharing pave the way for prosperous development,” Zhao added.
KTK Group Co — a manufacturer of industrial equipment and electronic products based in Changzhou, Jiangsu province — has further expanded its sales and service networks in regions such as Central Asia, South Asia and the Middle East, while its business operations in the United States market have been restricted by the US Department of Commerce since 2020.
Gao Feng, the company’s vice-president, said they have received orders exceeding 100 million yuan in these regions in recent years.
“Emerging markets have become a new growth driver for our overseas business operations, particularly for our interior systems and seats designed for various types of trains,” Gao said.