China's foreign trade achieved double-digit growth in the first half of the year despite uncertainties in international landscape, with the robust growth momentum characterized by a stabilized scale, new growth drivers, dynamic market entities, and deeper internal-external integration, said Wang Jun, deputy head of the General Administration of Customs (GAC), on Tuesday.
Speaking at a press conference in Beijing, Wang used four sets of keywords, namely stability, innovation, dynamism and integration, to describe the robust development momentum of China's foreign trade in the first six months, echoing Chinese Premier Li Qiang's characterization of the broader Chinese economy at the Summer Davos forum in late June.
First, China's foreign trade expanded steadily in scale from January to June, the official said.
"In the first half of the year, China's total import and export value surpassed 25 trillion yuan (nearly 3.7 trillion U.S. dollars) for the first time on an biannual basis, marking an increase of 3.68 trillion yuan (542.6 billion U.S. dollars) compared with the same period of last year. Computed on a monthly basis, the figure exceeded 4 trillion yuan (589.8 billion U.S. dollars) for four consecutive months. According to the latest international data, China firmly holds the position of the world's largest trading nation in goods," Wang said.
Second, technological innovation, particularly in artificial intelligence (AI), emerged as a powerful engine of China's foreign trade growth, according to Wang.
"In the first half of the year, imports and exports of computing hardware, such as electronic components and computer parts, reached 5.13 trillion yuan (756.4 billion U.S. dollars), surging 56.6 percent year on year. Smart consumer products such as AI-powered glasses, AI translators, and mechanical exoskeletons saw rapid iteration, with various innovative goods keeping emerging," the official said.
Third, Chinese foreign trade companies demonstrated remarkable adaptability and global outreach, expanding their business footprints to a greater number of other countries and regions, according to Wang.
"Compared with the same period of last year, some 267,000 foreign trade firms broke into new markets in the first half of the year, with their combined import and export value growing by 22.6 percent year on year. These companies accounted for nearly 70 percent of the country's total foreign trade value in the six-month period," he said.
And fourth, China continued to broaden its opening-up, having implemented zero-tariff policies for 63 other countries to foster shared development with trading partners, Wang said.
"In the first half of the year, China's imports from and exports to the signatories of 31 free trade agreements increased by 28.1 percent over the same period of last year, with these trading partners' share of China's total foreign trade rising to 46.5 percent. In the first six months, comprehensive bonded zones fully leveraged their unique functions and policy integration advantages in connecting domestic and international markets and resources, with their imports and exports reaching 4.34 trillion yuan (639.9 billion U.S. dollars), up 28.2 percent year on year," he said.
Despite the strong performance, Wang acknowledged that the external environment remains complex and volatile.
The official noted the World Bank has warned of multiple pressures facing the global economy, including rising energy prices, intensifying inflationary pressures, and anticipated monetary policy tightening. Global economic growth is projected to slow from 3.5 percent last year to 3 percent this year, while global trade in goods and services is expected to decelerate from 5 percent to 3.5 percent, according to International Monetary Fund forecasts.
Wang forecast certain pressures that could weigh on China's foreign trade in the second half of the year, while expressed confidence in the country's capability of sustaining the positive development momentum seen in the first six months, thanks to its strong innovation momentum, vibrant market entities, and a high level of openness.
Four sets of keywords capture strong performance of China's foreign trade in January-June: official
