"Exceeded expectations", "withstood pressure" and "remained strong"... On the 14th, China officially released its import and export data for the first three quarters of this year, and international media such as Reuters made comments one after another. Data show that China's import and export of goods trade in the first three quarters reached 39.94 trillion yuan, a year-on-year increase of 18.8%; of which exports increased by 16.4% and imports increased by 22.3%. In September, the import and export volume was 5.16 trillion yuan, exceeding 5 trillion yuan for the first time, an increase of 27.5%. Overall, both import and export volume and quality have increased, maintaining a good momentum of development.
At present, the international situation is intertwined with chaos and events, and risks and challenges emerge one after another. Why does China’s foreign trade continue to move forward despite pressure? Lu Yue, executive director of the Institute of Global Innovation and Governance at the University of International Business and Economics, told the International Review that this is the result of continued efforts on both the supply and demand sides. On the one hand, China's industrial innovation continues to meet global development needs, relying on technological accumulation and complete industrial supporting facilities to transform innovation results into high-quality supply; on the other hand, China's ultra-large-scale market effects continue to be released, creating conditions for all countries to share China's opportunities. APEC's "Year of China" and the construction of the New Western Land-Sea Corridor continue to make new progress and continue to expand the space for mutually beneficial economic and trade cooperation.
A closer look at this report card shows the four characteristics of "fast, new, excellent and good". "Fast" is mainly reflected in the growth rate. Vertically, the growth rate of foreign trade in the first three quarters was the fastest in the same period in the past five years, and the quarterly and monthly growth rates are also generally accelerating; horizontally, the trade growth rate of 18.8% ranks among the top among major economies, and China continues to maintain its position as the largest country in global goods trade.
At the same time, the momentum of development continues to be "new". The National Advanced Manufacturing Conference held in September further clarified the direction of intelligence, greenness and integration. As China's advanced manufacturing industry continues to grow bigger and stronger, and industrial system upgrades and integrated development accelerate, 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 export growth; 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 be optimized, and the quality and effectiveness of openness are getting better and better. In the first three quarters, import growth was 5.9 percentage points faster than exports, promoting balanced trade development; China's imports and exports to more than 120 countries and regions have achieved two-way growth. Among partners that have signed free trade agreements with China, trade with more than 70% of partners has achieved two-way growth. Free trade dividends continue to be released, benefiting all parties.
As the world's largest manufacturing country and the world's 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 year of the "15th Five-Year Plan", China's import and export in the first three quarters achieved "fast, new, high quality and good". What has it brought to the world?
From the perspective of exports, China, with its complete industrial system and advanced manufacturing industry that continues to grow bigger and stronger, can accurately, quickly and effectively respond to global production and consumption needs and provide 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 the role of a "stabilizing anchor" in the global production and supply chain, enhancing the industrial development capabilities of relevant countries.
It is worth mentioning that China’s foreign trade not only pays attention to “big orders”, but also cares about “small demands”. From popular World Cup products, to air conditioners that bring coolness to Europe, to ice machines suitable for outdoor camping and other scenes, "Made in China" provides consumers around the world with a richer choice. The German Berliner Zeitung recently published an article pointing out that no matter how you spend your day in the West, you will inevitably use products from China.
As a "super seller" and "super buyer", China has brought more "neighbor-benefiting effects" and "rich-neighbor effects" to all parties. Today, China has become the world's second largest import market for 17 consecutive years. The “15th Five-Year Plan” outline clearly states that we will promote the balanced development of imports and exports. In the first three quarters of this year, as advanced manufacturing continued to develop and expand, China's imports of storage components increased by 1.5 times, integrated circuits increased by 56.6%, and aircraft parts increased by 17.6%.
At the same time, as Chinese residents upgrade their consumption, imports of Malaysian fresh durians increased by 3.3 times in the first three quarters, and Faroe Islands salmon increased by 41.4%... More and more "global goodies" are entering China, which not only meets China's production and living needs, but also brings more orders and development opportunities to companies from various countries. The British "Weekly" reported that the first batch of Zimbabwean blueberries entered the Chinese market this year, marking the opening of a new trade channel with important potential.
As an important force in China's foreign trade, foreign-funded enterprises continue to share in "China Opportunities 2.0". In the first three quarters, the import and export of foreign-invested enterprises in China increased by 19% year-on-year, reaching a record high for the same period in history. A report released by the American Chamber of Commerce in Shanghai in September shows that more and more member companies regard China as a global innovation, production and procurement base, and "based on China and serving the world" has become the preferred business strategy of member companies.
Foreign trade is an important window for observing China’s economic vitality. The momentum and vitality of foreign trade development in the first three quarters have increased, indicating that the fundamentals of China's long-term economic growth have not changed, and China is confident and capable of completing its economic and social development goals and tasks throughout the year.
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 to the outside world 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 one after another. China's door of opening up is opening wider and wider, and the world can see more clearly that walking with China means walking with opportunities.
