Expansion in commerce showcases the robustness of China's supply chains
In the first ten months of 2024, China recorded total imports and exports of 36.02 trillion yuan, marking the highest figure for this period. Despite facing intricate and challenging global trade conditions, the steady growth of foreign trade highlights the resilience and vitality of China's industrial and supply chains, which play a crucial role in the nation's economic recovery and enhancement.
TroibNews 
**Editor's note:** Zhou Jianjun is an assistant researcher at the Institute of State System Research and School of Economics, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CN. It has been translated from Chinese and edited for brevity and clarity.
In the first ten months of 2024, China's total imports and exports reached 36.02 trillion yuan, marking a record high for this period. Despite complex global trade conditions, the steady growth of foreign trade highlights the resilience and vitality of China's industrial and supply chains, which are crucial for the nation's economic recovery and progress.
China's foreign trade volume is vast, providing a competitive advantage for its industrial and supply chains. In 2023, the total imports and exports of China hit $5.9368 trillion, constituting 12.6 percent of the global total. Specifically, exports were valued at $3.38 trillion, representing 14.2 percent of global goods exports and securing China's status as the largest exporter for the 15th consecutive year. In contrast, the United States reported total imports and exports of $5.1631 trillion, which comprised 10.9 percent of the global total. U.S. exports amounted to $2.0195 trillion, reflecting 8.5 percent of the global total. Compared to the U.S., China maintains a leading position in the foreign trade scale, especially in exports. This scale empowers China's industrial and supply chains, positioning the nation as the primary trading partner for over 150 countries and regions, making it an irreplaceable player in the global economic and trade scene.
China's foreign trade is notable for its comprehensive range of product categories, showcasing the advantages of its industrial and supply chains. It ranks as the only country globally with all 41 major industrial categories, 207 medium industrial categories, and 666 industrial subcategories, as classified by the United Nations. This extensive classification enables China to supply a vast array of products to countries worldwide. From small items like screws to large aerospace rockets, buyers can find almost any product they need in China, affirming its reputation as the "world’s factory." Moreover, China's extensive industrial sectors provide significant cost advantages for its export products, which arise not just from production costs but also from efficient industrial and supply chains that allow quick responsiveness to various market demands.
China’s foreign trade resilience shines through its ability to withstand risks, mirroring the robustness of its industrial and supply chains. While the COVID-19 pandemic significantly disrupted global trade, it had minimal impact on China’s foreign trade. China's share of global trade was 11.5 percent in 2017, which increased to 12.1 percent in 2019 and peaked at 13.5 percent in 2021. Furthermore, China's foreign trade growth has consistently surpassed the global average. Between 2017 and 2023, China's total imports and exports grew at an average annual rate of 6.3 percent, outpacing the global average growth by 1.5 percentage points during that time. This indicates that China's foreign trade has largely withstood the challenges posed by the pandemic, further demonstrating the vitality and resilience of its industrial and supply chains in the face of external disruptions. This advantage positions China as a "ballast stone" in global economic interactions, helping to propel healthy economic and trade development worldwide while providing a buffer against risks.
China’s emerging sectors, termed the "new three"—electric vehicles, lithium batteries, and solar cells—have won international acclaim, underscoring the country's leadership in industrial and supply chains. Historically, China's exports focused on labor-intensive, low- to mid-end products. However, significant advancements have been made in high-tech product exports due to the evolution and upgrading of its industrial and supply chains and technological advancements. In 2023, the total exports of these "new three" products exceeded 1.06 trillion yuan for the first time, marking a 29.9 percent increase from the previous year. Unlike chip and semiconductor products, which are heavily regulated by other countries, China maintains technological autonomy and market leadership in the "new three" sectors, controlling key patents and manufacturing technologies. This dominance enhances the competitive market position of China's "new three" products, making them indispensable in global trade.
China has upheld stable foreign economic and trade relations, further showcasing the strength and stability of its industrial and supply chains. The country emphasizes bilateral relations with other nations and has established diplomatic ties with 183 countries, forming partnerships at various levels with over 113 countries and regional organizations. Additionally, China has signed Belt and Road Initiative cooperation agreements with over 150 nations and more than 30 international organizations, fostering collaboration in industrial and supply chains through this initiative. In 2023, imports and exports with Belt and Road countries accounted for 46.6 percent of total trade. Moreover, China has entered into 23 free trade agreements with 30 countries and regions, with many others in the negotiation stage. The Regional Comprehensive Economic Partnership, signed with Japan, South Korea, Australia, New Zealand, and ASEAN countries, further bolsters these cooperative ties. Collectively, these agreements enhance China's foreign trade relationships, making its industrial and supply chains more internationally integrated and promoting significant bilateral trade collaboration.
Additionally, the Chinese government has implemented measures to alleviate bottlenecks in industrial and supply chains, fostering steady foreign trade growth. This includes expanded visa-free entry, achieving full visa exemption with 25 countries and adopting unilateral visa-free policies for 29 countries, including France and Germany, thereby facilitating business activities. On November 8, the State Council, China's cabinet, reviewed and approved policy measures aimed at continuously supporting the steady growth of foreign trade, providing further assistance to optimize industrial and supply chain operations.
Rohan Mehta contributed to this report for TROIB News
In the first ten months of 2024, China's total imports and exports reached 36.02 trillion yuan, marking a record high for this period. Despite complex global trade conditions, the steady growth of foreign trade highlights the resilience and vitality of China's industrial and supply chains, which are crucial for the nation's economic recovery and progress.
China's foreign trade volume is vast, providing a competitive advantage for its industrial and supply chains. In 2023, the total imports and exports of China hit $5.9368 trillion, constituting 12.6 percent of the global total. Specifically, exports were valued at $3.38 trillion, representing 14.2 percent of global goods exports and securing China's status as the largest exporter for the 15th consecutive year. In contrast, the United States reported total imports and exports of $5.1631 trillion, which comprised 10.9 percent of the global total. U.S. exports amounted to $2.0195 trillion, reflecting 8.5 percent of the global total. Compared to the U.S., China maintains a leading position in the foreign trade scale, especially in exports. This scale empowers China's industrial and supply chains, positioning the nation as the primary trading partner for over 150 countries and regions, making it an irreplaceable player in the global economic and trade scene.
China's foreign trade is notable for its comprehensive range of product categories, showcasing the advantages of its industrial and supply chains. It ranks as the only country globally with all 41 major industrial categories, 207 medium industrial categories, and 666 industrial subcategories, as classified by the United Nations. This extensive classification enables China to supply a vast array of products to countries worldwide. From small items like screws to large aerospace rockets, buyers can find almost any product they need in China, affirming its reputation as the "world’s factory." Moreover, China's extensive industrial sectors provide significant cost advantages for its export products, which arise not just from production costs but also from efficient industrial and supply chains that allow quick responsiveness to various market demands.
China’s foreign trade resilience shines through its ability to withstand risks, mirroring the robustness of its industrial and supply chains. While the COVID-19 pandemic significantly disrupted global trade, it had minimal impact on China’s foreign trade. China's share of global trade was 11.5 percent in 2017, which increased to 12.1 percent in 2019 and peaked at 13.5 percent in 2021. Furthermore, China's foreign trade growth has consistently surpassed the global average. Between 2017 and 2023, China's total imports and exports grew at an average annual rate of 6.3 percent, outpacing the global average growth by 1.5 percentage points during that time. This indicates that China's foreign trade has largely withstood the challenges posed by the pandemic, further demonstrating the vitality and resilience of its industrial and supply chains in the face of external disruptions. This advantage positions China as a "ballast stone" in global economic interactions, helping to propel healthy economic and trade development worldwide while providing a buffer against risks.
China’s emerging sectors, termed the "new three"—electric vehicles, lithium batteries, and solar cells—have won international acclaim, underscoring the country's leadership in industrial and supply chains. Historically, China's exports focused on labor-intensive, low- to mid-end products. However, significant advancements have been made in high-tech product exports due to the evolution and upgrading of its industrial and supply chains and technological advancements. In 2023, the total exports of these "new three" products exceeded 1.06 trillion yuan for the first time, marking a 29.9 percent increase from the previous year. Unlike chip and semiconductor products, which are heavily regulated by other countries, China maintains technological autonomy and market leadership in the "new three" sectors, controlling key patents and manufacturing technologies. This dominance enhances the competitive market position of China's "new three" products, making them indispensable in global trade.
China has upheld stable foreign economic and trade relations, further showcasing the strength and stability of its industrial and supply chains. The country emphasizes bilateral relations with other nations and has established diplomatic ties with 183 countries, forming partnerships at various levels with over 113 countries and regional organizations. Additionally, China has signed Belt and Road Initiative cooperation agreements with over 150 nations and more than 30 international organizations, fostering collaboration in industrial and supply chains through this initiative. In 2023, imports and exports with Belt and Road countries accounted for 46.6 percent of total trade. Moreover, China has entered into 23 free trade agreements with 30 countries and regions, with many others in the negotiation stage. The Regional Comprehensive Economic Partnership, signed with Japan, South Korea, Australia, New Zealand, and ASEAN countries, further bolsters these cooperative ties. Collectively, these agreements enhance China's foreign trade relationships, making its industrial and supply chains more internationally integrated and promoting significant bilateral trade collaboration.
Additionally, the Chinese government has implemented measures to alleviate bottlenecks in industrial and supply chains, fostering steady foreign trade growth. This includes expanded visa-free entry, achieving full visa exemption with 25 countries and adopting unilateral visa-free policies for 29 countries, including France and Germany, thereby facilitating business activities. On November 8, the State Council, China's cabinet, reviewed and approved policy measures aimed at continuously supporting the steady growth of foreign trade, providing further assistance to optimize industrial and supply chain operations.
Rohan Mehta contributed to this report for TROIB News
