The trade landscape of China has taken a remarkable leap into 2024, marking an impressive total import and export value of 43.85 trillion yuan (approximately 6.7 trillion USD), which is a notable 5% increase year-over-yearThis achievement signifies an unprecedented high point in China’s trading history, marking a triad of growth—a rise in total volume, an increase in numbers, and an improvement in quality.

According to Wang Lingjun, the Deputy Director-General of the General Administration of Customs, this year China has successfully navigated through significant thresholds, surpassing the 42 and 43 trillion yuan milestonesIt firmly establishes the nation as the world's leading merchandise traderIn raw figures, the growth leap amounted to a staggering 2.1 trillion yuan, paralleling the total trade volume of a medium-sized country in a single yearIn a groundbreaking development, China's exports breached the 25 trillion yuan mark for the first time, reaching 25.45 trillion yuan with a commendable increase of 7.1%, thereby maintaining a continuous upward trajectory for the eighth consecutive year—an impressive testament to its enduring competitive strength.

The year 2024 stands out not merely for the numerical metrics of trade, but for the qualitative aspects of its structure, which have showcased an optimization in product offerings and an influx of innovative entities

There is an evident diversification in import products, alongside a burgeoning array of new products, business models, and brands that have surfaced, enhancing the ‘new’ component in foreign tradeNoteworthy high-tech products like electric cars, 3D printers, and industrial robots are rapidly gaining international traction, propelling the cross-border e-commerce sector to an astounding 2.63 trillion yuan in export and import transactions throughout the yearThe number of businesses engaging in import and export activities has reached nearly 700,000—a record high signaling a broader participation in global tradeFurthermore, China now stands as a primary trade partner for over 150 countries and regions, expanding its "friends circle" in foreign commerce.

Critical to the equilibrium of trade growth are the regions across China, which complement and enhance each other’s strengths

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The eastern coastal provinces continue to serve as the pillar of Chinese trade, accounting for a substantial 79.7% of the total import and export valueMeanwhile, the central and western regions are stepping up their game, facilitating the transition of industries and striving towards an open developmental strategy, with processing trade making up 25.5% of their trade valueEven the northeastern provinces have seen an elevation in openness, recording continuous growth in scale and exports growing by 8.1%, outpacing the national growth rate by a full percentage point.

One cannot overlook the necessity for simplified customs processes, which stands as a prime concern for foreign trade businesses and a pivotal element in sustaining growth momentumLin Shaobin, head of the Comprehensive Business Division of the Customs Administration, highlighted ongoing innovations in regulatory services aimed at streamlining operations

Efforts are in motion to enhance procedural efficiency, minimizing documentation and inspection delays, thereby cultivating a secure and expedient customs experienceThis includes the push for a 'smart customs' model—a complete overhaul aimed at fostering unobtrusive oversight, intelligent regulatory mechanisms, and a non-intrusive approach to inspections, all of which facilitate smoother operations for foreign trade entities, thus saving time, costs, and resources.

Baubing new impetus continues to energize the development of foreign trade, with a noticeable global leadership in green tradeChina is not only diversifying the worldwide supply chain with sustainable products but is also making significant strides in combating climate change and pushing towards a low-carbon transitionThe digital trade sector is booming, with cross-border e-commerce figures climbing to 2.63 trillion yuan in imports and exports, marking a robust increase of 10.8%—a clear indication of the ongoing potential for 'selling globally' and 'buying globally.' High-level open platforms, such as comprehensive bonded zones and pilot free trade zones, are becoming instrumental in advancing systematic openness and driving industry upgrades

Progress in these areas is steady and impactful.

Addressing concerns surrounding an alleged "overcapacity" in Chinese exports, Wang Lingjun reassured that from both comparative advantage and global market demand perspectives, such claims are unfoundedThe global appeal for Chinese manufacturing stems from a comprehensive and continually evolving industrial system backed by significant investment in research and developmentHe noted that while some nations manipulate narratives to suppress China’s development, the essence of such actions reflects a protective stance that undermines global industrial collaboration and stability in supply chainsThe path forward lies in embracing an ethos of cooperation, mutual benefits, and shared success—which he believes represents the correct trajectory for global economic progress.

Wang further emphasized that the dynamics of China's foreign trade in 2024, marked by reasonable growth in quantity and significant improvements in quality, showcase a commitment to genuine high-quality development