China's innovative products drive overall export growth

The mushrooming innovative products, new brands and patterns have turned out to highlight China's foreign trade last year, as the country aims to enhance its global competitiveness.

In 2024, China's foreign trade reached 43.85 trillion yuan (about 6.1 trillion U.S. dollars), according to data released by the General Administration of Customs (GAC).

More high-tech new products quickened their pace to go overseas, with exports of electric vehicles, three-dimensional (3D) printers, and industrial robots growing by 13.1 percent, 32.8 percent, and 45.2 percent respectively.

Chinese self-owned brands also increased their share of exports by 0.8 percentage points to 21.8 percent.

In Wuyi County of east China's Zhejiang Province, a major industrial base, a foreign trade enterprise exports various kinds of thermal cup products. Multiple full-automated production lines at full capacity to turn out products exported to over 30 destinations, including Europe and Australia.

"The braised beaker we are looking at is our new product. We have introduced into the field of thermal cups the concept of regimen, and it is very popular once it is launched," said Gu Lili, head of the thermal cup exporter.

The company currently holds two invention patents, 16 new model patents, and 32 design patents, demonstrating its innovative vitality and rapid product iteration.

To support such innovation efforts, Jinhua Customs under Hangzhou Customs has implemented a package of convenient customs clearance measures,

"We assist the exporters with customized services. We first categorize the high-end materials, advanced equipment and key parts they imported from overseas in advance, and then reserve inspection service for them, meanwhile guide them to efficiently use tax breaks for processing trade and equipment import, so that they can lower their cost. We've helped enterprises cut nearly 20 percent cost in various aspects including logistics in 2024." said Zhang Quanwei, chief of general section 4 of Jinhua Customs under Hangzhou Customs.

China's upgraded manufacturing capacity and its massive domestic market are the wellspring for the high-quality development of its foreign trade. The country's complete industrial system, sci-tech driven productivity, and iterative upgrades of "Made in China" have generated a steady stream of popular export products.

"Products like our washing machine equipped with AI-powered intelligent washing function can automatically detect the weight and type of fabric of clothes and select the optimal washing mode. And our smart food processor is installed with various recipes. You just put in the ingredients, press a button, and delicious dishes will be ready in a matter of minutes, so everyone can be a top chef. These intelligent home appliance products have injected new energy into the traditional home appliance industry, driving a 15.4 percent increase in our home appliance exports last year," said Wang Lingjun, Vice Minister of the General Administration of Customs.

China's innovative products drive overall export growth

U.S. stocks ended mixed on Friday as investors digested hotter-than-expected inflation data amid ongoing geopolitical uncertainties.

The Dow Jones Industrial Average fell 0.56 percent to 47,916.57. The S and P 500 slipped 0.11 percent to 6,816.89. The Nasdaq Composite Index rose 0.35 percent to 22,902.89.

Seven of the 11 primary S and P 500 sectors closed lower. Consumer staples and health care led the declines, falling 1.43 percent and 1.33 percent, respectively. Technology and materials were the top performers, advancing 0.76 percent and 0.64 percent.

The U.S. consumer price index (CPI) jumped 3.3 percent in March from a year earlier, representing nearly a full percentage point increase from February's annual pace, according to the Bureau of Labor Statistics. The energy index surged 10.9 percent in March, propelled by a 21.2-percent jump in gasoline prices, which alone accounted for nearly three quarters of the monthly increase across all items.

The core CPI, which excludes volatile food and energy components to measure underlying inflation, increased more modestly, rising 0.2 percent for the month and 2.6 percent year over year.

White House Deputy Press Secretary Kush Desai stated that the economy "remains on a solid trajectory," while acknowledging that food and gas prices have risen. National Economic Council Director Kevin Hassett described the current situation as "a temporary energy disruption," adding that the economic effects of the Iran conflict are "a temporary distraction that will very, very quickly go away."

However, Kathy Bostjancic, chief economist at Nationwide, argued that even if a long-lasting deal to end the war is reached and the Strait of Hormuz is fully reopened, "it would take months for oil, gasoline, diesel and other commodity supplies to snap back to pre-war levels and thus for prices to settle back to pre-conflict levels."

Meanwhile, the University of Michigan's preliminary April consumer sentiment index fell sharply to a record low of 47.6, down from 53.3 in March and well below analysts' expectations of 52.0, reflecting growing public concern over the impact of the Iran war on household finances.

Shares of the "Magnificent Seven" technology giants were mostly lower on the day. Nvidia stood out as the strongest performer, rising 2.57 percent.

Investors are now turning their attention to the upcoming U.S.-Iran talks scheduled for this weekend.

U.S. stocks close mixed after shocking inflation data