Exploring New Opportunities in China's Foreign Trade through Four Keywords

On the 14th, the Chinese government released import and export data for the first three quarters of this year, which exceeded expectations, withstood pressure, and remained strong. International media such as Reuters have made comments. Data shows that in the first three quarters, China's import and export of goods reached RMB 39.94 trillion, a year-on-year increase of 18.8%; Among them, exports increased by 16.4% and imports increased by 22.3%. In September, the import and export volume exceeded RMB 5 trillion for the first time, with a growth rate of 27.5%, reaching RMB 5.16 trillion. Overall, both the quantity and quality of imports and exports have improved, maintaining a good development momentum.

Currently, the international situation is intertwined with turmoil, and risks and challenges are constantly emerging. Why is China's foreign trade constantly pushing forward? Lv Yue, Executive Dean of the Institute of Global Innovation and Governance at the University of International Business and Economics, discussed with the International Review that this is the result of sustained efforts from both the supply and demand sides. On the one hand, China's industrial innovation continues to align with global development needs, relying on technological accumulation and comprehensive industrial support to transform innovative achievements into high-quality supply; On the other hand, the sustained release of China's super large market effect has created conditions for countries to share China's opportunities. Meanwhile, new progress has been made in APEC's "China Year" and the construction of the Western Land Sea New Corridor, continuously expanding the space for mutually beneficial economic and trade cooperation.

Upon closer inspection of this transcript, it presents four major characteristics: "fast, new, excellent, and good". 'Fast' is mainly reflected in the growth rate. Vertically speaking, the growth rate of foreign trade in the first three quarters was the fastest in the same period of the past five years, and the quarterly and monthly growth rates also showed an overall acceleration trend; Horizontally speaking, China's trade growth rate of 18.8% ranks among the top in major economies, and it continues to maintain its position as the world's largest country in goods trade.

At the same time, the driving force of development is constantly moving towards "new". The National Advanced Manufacturing Conference held in September further clarified the direction of intelligence, greening, and integration. With the continuous growth and strengthening of China's advanced manufacturing industry, the acceleration of industrial system upgrading and integrated development, foreign trade growth has gained more new momentum. In the first three quarters, China's equipment manufacturing industry played a prominent leading role, contributing nearly 90% of the export increment; The import and export of industrial robots, electronic components, computer parts, electrical equipment and other products increased by 58.9%; The export growth rate of "Made in China" independent brands reached 26.7%.

In addition, China's trade structure continues to optimize, and the quality and efficiency of openness are getting better and better. In the first three quarters, the import growth rate was 5.9 percentage points faster than the export growth rate, promoting the balanced development of trade; China has achieved two-way growth in imports and exports to over 120 countries and regions. Among the partners who have signed free trade agreements with China, China has achieved two-way growth in trade with over 70% of its partners. The dividends of free trade continue to be released, benefiting all parties.

As the world's largest manufacturing country and the second largest consumer market, China's foreign trade development affects the stability of the global supply chain and the development of enterprises in various countries. In the first three quarters of the 15th Five Year Plan, China's imports and exports achieved "fast, new, excellent, and good" results. What did it bring to the world?

From the perspective of exports, China, with its complete industrial system and continuously expanding and strengthening advanced manufacturing industry, can accurately, quickly, and effectively respond to global production and consumption demands, providing high-quality and stable supply. From ships to industrial robots, from high-speed optical communication modules to AI computing server cabinets, China continues to play a "stable anchor" role in the global supply chain, enhancing the industrial development capabilities of relevant countries.

It is worth mentioning that China's foreign trade not only values "big orders", but also cares about "small needs". From the best-selling World Cup products, to delivering cool air conditioning to Europe, to ice machines suitable for outdoor camping and other scenarios, "Made in China" provides global consumers with a richer selection. The German newspaper Berliner Zeitung recently published an article stating that no matter how one spends their day in the West, it is inevitable to use products from China.

As a "super seller" and "super buyer", China brings more "friendly neighbor effect" and "rich neighbor effect" to all parties. Nowadays, China has been the world's second-largest import market for 17 consecutive years. The outline of the 15th Five Year Plan clearly proposes to promote balanced development of imports and exports. In the first three quarters of this year, with the continuous development and growth of advanced manufacturing industry, China's imports of storage components increased by 1.5 times, integrated circuits increased by 56.6%, and aircraft components increased by 17.6%.

At the same time, with the upgrading of Chinese residents' consumption, the import of fresh durian from Malaysia increased by 3.3 times in the first three quarters, and the import of salmon from the Faroe Islands increased by 41.4%... More and more "global goods" have entered China, not only meeting the production and living needs of China, but also bringing more orders and development opportunities for enterprises from various countries. The British Weekly reported that the first batch of blueberries from Zimbabwe entering the Chinese market this year marks the opening of a new trade channel with significant potential.

As an important force in China's foreign trade, foreign-funded enterprises continue to share the "China Opportunities 2.0". In the first three quarters, the import and export of foreign-funded enterprises in China increased by 19% year-on-year, reaching a new historical high in scale. According to a report released by the American Chamber of Commerce in Shanghai in September, an increasing number of member companies view China as a global hub for innovation, production, and procurement. "Based in China, serving the world" has become the preferred business strategy for member companies.

Foreign trade is an important window to observe the vitality of the Chinese economy. The accumulation of momentum and vitality in the development of foreign trade in the first three quarters indicates that the long-term positive fundamentals of the Chinese economy have not changed, and China is confident and capable of achieving the annual economic and social development goals and tasks.

On the 14th, the 140th China Import and Export Fair opened. After 70 years, the Canton Fair has become an effective platform for China to expand high-level opening-up and promote the construction of an open world economy. In November, the 9th China International Import Expo and the 33rd APEC Leaders' Informal Meeting will also be held consecutively. The door of China's opening is getting bigger and bigger, and the world can see more clearly that walking with China is walking with opportunities.