New trade models drive China's high-quality development, retain top spot in global trade: official

China has remained the world's largest trader of goods for eight consecutive years, driven by new business models and products that are powering high-quality growth, the head of the General Administration of Customs (GAC) said on Monday.

At a press conference, GAC commissioner Sun Meijun, outlined China's achievements in promoting high-quality development during the country's 14th Five-Year Plan period (2021–2025).

"We have innovated regulatory models for new forms of business such as cross-border e-commerce, overseas warehouses and 'bonded plus' platforms, promoted coordinated regional development, and accelerated the rise of new drivers for foreign trade while making supply and industrial chains more secure and stable. Exports now carry more innovation, with the export value of the new trio (electric vehicles, lithium-ion batteries, and photovoltaic) products in 2024 growing 2.6 times compared with 2020. Import sources are also more diversified," said Sun.

She noted that regional trade across China has been optimized, with eastern regions consolidating growth in both volume and quality, while central and western regions are gaining momentum.

"Agricultural and food imports have been expanded to 271 new products from 81 countries and regions during the five-year period, while imports of bulk commodities, advanced equipment and key components had also become more diverse. Meanwhile, regional trade structures have been improved, with eastern regions consolidating growth in both volume and quality, while central and western regions emerging as new drivers with the average annual growth of import and export reaching 7.9 percent. China's total goods trade reached 43.8 trillion yuan in 2024, maintaining its top global ranking for an eighth straight year. From January to July this year, China's imports and exports rose 3.5 percent year-on-year, with exports climbing 7.3 percent, underscoring the resilience and vitality of the country's foreign trade," Sun said.

New trade models drive China's high-quality development, retain top spot in global trade: official

The U.S. Senate on Wednesday voted 51-50 to effectively block a bipartisan resolution aimed at curbing President Donald Trump's authority to use military force in Venezuela, after two GOP senators flipped under intense pressure from the White House.

After senators Josh Hawley and Todd Young reversed their position and left the chamber deadlocked 50-50, U.S. Vice President JD Vance cast the tie-breaking vote on a procedural motion, derailing the measure that would have required the president to obtain congressional approval before taking further military action in the oil-rich South American nation.

The resolution was introduced in the wake of a U.S. military operation in Venezuela that resulted in the capture of President Nicolas Maduro. The U.S. Senate on January 8 voted 52 to 47 to advance the war powers resolution.

Trump had publicly criticized the five Republicans who joined all Democrats to back the bill, saying they "should never be elected to office again."

The president also called each of the five senators to vent his frustration over their votes, said a report from The Hill.

U.S. Senate blocks bid to curb presidential war powers on Venezuela