Improved foreign trade structure

In the 75 years since the founding of the People's Republic of China in 1949, particularly during the era of reform and opening-up from 1978, the country's foreign trade — a key driver of economic development — has been experiencing rapid expansion, experts said.

Underpinned by the country's relentless efforts to expand high-level openness and commitment to promoting trade facilitation, as well as an optimized trading structure increasingly driven by high-tech and green products, China's foreign trade is not only growing larger in size, but also shifting toward higher quality growth along the way, they added.

China's merchandise trade volume has soared from $1.13 billion in 1950 to $5.9 trillion in 2023. The surge in trade has been accompanied by a proportional increase in China's share of the international market, rising from less than 1 percent in 1978 to a substantial 12.4 percent last year, said the Ministry of Commerce.

According to data released by the General Administration of Customs in July, China has upheld its position as the world's top trading nation for the seventh consecutive year, and solidified its status as a major trading partner with over 150 countries and regions.

China's stable export market share illustrates the country's prowess in delivering quality products that are highly sought after in the international market, said Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics.

Leveraging its integrated production and supply chain advantages alongside a culture of sustained innovation, China has garnered global acclaim for its diverse range of high-quality and high-tech offerings, Sang said.

Last year, the cumulative export value of the "new trio" — electric passenger cars, lithium-ion batteries and solar cells — surpassed 1 trillion yuan for the first time, representing a 29.9 percent rise from the previous year, as shown by data from the administration.

Meanwhile, embracing its colossal market scale advantage, China's imports have not only fueled its own economic growth, but also served as a robust driving force for the development of economies around the world, said Liang Ming, director of the Institute of International Trade, which is part of the Chinese Academy of International Trade and Economic Cooperation.

Over the years, China has been implementing import expansion policies including reductions in tariffs on a wide range of products, streamlining of Customs clearance procedures, and increased support for foreign companies seeking to access the Chinese market, Liang said.

China's import volume has remained the second-largest in the world for years, according to Customs data. The country's total imports have grown from 11.49 trillion yuan in 2012 to 17.99 trillion yuan in 2023.

China's imports will continue to expand, driven by the country's ongoing economic transformation, urbanization and the rising purchasing power of its massive consumer base. This trajectory is expected to contribute significantly to the recovery and growth of the global economy in the coming years, Liang added.

However, businesses in the foreign trade sector face a complex and challenging external environment marked by escalating geopolitical tensions and increasing trade restrictions, experts said, calling for stronger policy support and the cultivation of new growth drivers to counterbalance the negative impacts.

China should leverage the Belt and Road Initiative, the RCEP and others to diversify its trade partnerships and explore new markets, said Xu Hongcai, deputy director of the China Association of Policy Science's Economic Policy Committee.

Moreover, China should continue to advance its accession into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, to align with high-standard international economic and trade rules, and expand high-level opening-up, Xu said.