BEIJING, July 16 (Xinhua) -- Apart from the all-time-high 21.17 trillion yuan of goods imports and exports, a series of semiannual data attested to the strengthening growth momentum of foreign trade in the first half of 2024.
Statistics with the General Administration of Customs showed that China's foreign trade in goods expanded 6.1 percent year on year from January to June and grew faster in the second quarter, up 7.4 percent which stood 2.5 percentage points higher than the comparable data in the first quarter.
-- Structural optimization in progress
When probing into the trading data, an optimization in China's foreign trade structure could be detected.
In the first half of this year, general trade reached 13.76 trillion yuan, accounting for 65 percent of the total imports and exports and related exports rose 8.5 percent year on year, pointing to stronger inherent growth momentum.
Private enterprises contributed imports and exports of 11.64 trillion yuan, up 11.2 percent year on year and taking up a 55 percent share in total foreign trade in goods, which was 2.5 percentage points higher than the comparable data in the first half of last year.
The resilient private economy was inseparable from boosts from preferential policies as Chinese regulators continued to make efforts to support foreign trade of certain types and private firms' overseas market exploration.
In late April, China vowed in a high-level meeting to foster intermediary goods trade, services trade, digital trade and exports through cross-border e-commerce, and support overseas market exploration by private businesses.
Later in June, nine Chinese regulators including the Ministry of Commerce also unveiled a document to expand exports through cross-border e-commerce and promote overseas warehouse construction.
In the document, introducing new technologies such as the digital human and expanding sales channels through live-streaming and other ways are mentioned to further shore up exports of advantageous products.
Under such circumstances, private businesses generally revved up their paces to integrate into digital technologies to bolster foreign trade and reaped in turn gratifying fruits from their endeavors.
-- New growth drivers playing a bigger role
In the first half of 2024, foreign trade driven by new growth drivers including cross-border e-commerce grew vigorously.
After foreign trade through cross-border e-commerce surged 9.6 percent and exports through related overseas warehouses spiked by 11.8 percent in the first quarter, exports by cross-border e-commerce in different Chinese provinces continued to balloon in the second quarter of this year.
For instance, exports through cross-border e-commerce in east China's Fujian Province mounted up to 110.65 billion yuan from January to June, up 76 percent year on year and marking a new historical high.
Singaporean livestreamers sell products via a livestream session during the 4th China Cross-border E-commerce Trade Fair in Fuzhou, southeast China's Fujian Province, March 19, 2024. (Xinhua/Lin Shanchuan)
In south China's Guangdong, cross-border trade by cross-border e-commerce businesses already exceeded 420 billion yuan in the first six months of this year.
In northwestern China, Urumqi, capital city of Xinjiang Uygur Autonomous Region, saw local cross-border e-commerce trade volume increase by 4.8 times year on year in the first half of 2024, demonstrating vigor of new growth drivers.
Zhu Keli, founding director of China Institute of New Economy, said that broad application of digital technologies and the flourishing cross-border e-commerce opened new market space for private enterprises and significantly improved their market sensitivity and response.
These innovative means enabled private companies to adapt in a more flexible manner to market changes and seize a better position in global trade, noted Zhu.
-- Brighter prospects expectable for the year
Currently, other preferential policies and detailed measures for implementing some of the existing preferential policies are expected to be underway.
On July 12 when the semiannual foreign trade data debuted, Chinese financial regulators jointly issued a document encouraging banks and insurers to offer, on basis of real and reliable order, logistics and capital flows data, quality financial services for cross-border e-commerce and overseas warehouse operators.
Zhu Qiucheng, CEO of a textile and apparel manufacturer in east China's Ningbo City, said that some markets are extremely attractive but sometimes, enterprises are bothered by the impeded payment and outstanding payments collecting and high handling charges as well.
Now with the support of more quality financial services, enterprises have less worries and can further cut related costs to improve their efficiency and competitiveness, added Zhu.
Furthermore, developing overseas warehouses provides solid support for cross-border e-commerce business of enterprises.
Companies can transport their products to overseas warehouses for storage and direct delivery to consumers abroad, which can largely reduce the time needed for customs clearance as compared to delivery from domestic warehouses, according to a local customs official in Guangdong.
In general, new business formats in foreign trade represented by digital trade, cross-border e-commerce, and digital payment are emerging to be vital means to boost overseas market exploration of private enterprises and foreign trade upgrading and serve as new engines to drive foreign trade growth, said Zhang Jianping, deputy director with the academic committee of Chinese Academy of International Trade and Economic Cooperation.
In the future, these new business formats in foreign trade are likely to present more advantages in cementing the growth momentum of foreign trade alongside the gradual functioning of the preferential policy mix, held Zhang Xiaotao, dean of the School of International Trade and Economics under the Central University of Finance and Economics.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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