What does China's annual foreign trade report mean for the world?

Chinese official data show that in 2024, the total import and export value of Chinese goods will reach 43.85 trillion yuan, the annual growth reached 5%, and created record heights. Among them, the export volume of goods trade exceeded 25 trillion yuan for the first time, representing an annual growth of 7.1%, and sustained growth for eight consecutive years. Imports are 18.39 trillion yuan, an increase of 2.3 %. China's position as the largest country in goods trade is more stable.

What does China's annual foreign trade report mean for the world? Not only does it provide more green manufacturing capacity and more "new" high-quality products, but it also has a larger market and a wider development space. In 2024, China imported nearly three billion tons of bulk goods, over seven trillion yuan of mechanical and electrical products, and nearly 1.8 trillion yuan of consumer goods. o Not only meets the diversified production and consumption needs in China, but also allows the world to share China's market and drive the common development of related countries.

Reuters reported that Chinese imports recovered last December and ended 2024 on a positive trend. The latest data released by the World Trade Organization shows that as of the first three quarters of last year, China's import growth rate was one percentage point higher than the global average, and it is expected to maintain its position as the second largest importer throughout the year. As China focuses on expanding domestic demand, there is plenty of room for import growth. 

Foreign trade is an important window for monitoring a country's economy. As the world's second largest economy, China has effectively maintained the stability of the global industrial and supply chain and promoted the sustained and healthy development of global trade. Recently, international financial institutions such as the World Bank, based on China's launch of an incremental policy package, have raised their expectations for China's economic growth in 2024 to 5%, far exceeding the global average. This also confirms that China remains an indispensable market for foreign investors and the biggest driver of global growth.

CMG/ gnews - RoZ