On October 14, Vice President of the General Administration of Customs, Wang Lingjun, stated that with coordinated policy efforts, China’s economy will continue to stabilize and improve, achieving the goal of steady quality and quantity growth in foreign trade for the entire year.
During a press conference held by the State Council Information Office in Beijing, Wang, along with the Customs spokesperson and Director of the Statistical Analysis Department, Lv Daliang, discussed the import and export situation for the first three quarters of 2024 and answered questions from reporters.
When asked about the reasons behind the stable growth of China’s imports and exports during the first three quarters and the outlook for foreign trade in the fourth quarter, Wang responded by highlighting factors on both the supply and demand sides.
Starting with demand, he noted that recent reports from the World Trade Organization have raised their forecast for global merchandise trade growth this year. Institutions such as the World Bank and the OECD point to signs of stabilization in the global economy, which has created favorable conditions for China’s exports. Exports to traditional markets in Europe, the United States, and Japan grew by 4.2%, while exports to emerging markets like ASEAN and Latin America saw increases of 12.3% and 13.7%, respectively. Domestically, stable industrial production has led to increases in the import of coal, natural gas, and iron ore by 11.9%, 13%, and 4.9%, respectively. The cyclical upturn in the consumer electronics sector has contributed to double-digit growth in the import of semiconductor manufacturing equipment, integrated circuits, and flat panel display modules. Additionally, consumer items such as specialty fruits, wine, and clothing have shown growth rates of 7.1%, 28.9%, and 6.1%, effectively meeting the diverse consumption needs of the domestic market.
On the supply side, Wang emphasized that China is accelerating the development of new productive forces, with a clear trend toward high-end, intelligent, and eco-friendly manufacturing. The strength of Chinese manufacturing is increasingly recognized on the global stage. In terms of high-end products, there is a notable demand for smart appliances, such as all-in-one vacuum cleaners and fully automatic coffee machines that can brew various flavors. Exports of home appliances increased by 15.5% in the first three quarters. From an eco-friendly perspective, China’s new energy sector is aligning effectively with global green development trends, with wind turbine and electric vehicle exports growing by 73.9% and 22%, respectively.
Looking ahead, Wang mentioned that with three months remaining in the year, the external environment has become more complex and challenging. The latest report from the International Monetary Fund indicates that global economic growth is below the average levels seen in the first two decades of this century. Major economies continue to face insufficient growth momentum, with both the Federal Reserve and the European Central Bank lowering their economic growth forecasts for the year by 0.1 percentage points in September. Additionally, some countries have frequently imposed trade restrictions on Chinese products, leading to fluctuations in key domestic economic indicators such as industrial output and investment. However, Wang firmly stated that the fundamental aspects of China’s economic development remain unchanged, with robust market potential and economic resilience. Recent efforts across various departments and regions are focused on fully implementing the decisions from the Central Political Bureau meetings, actively introducing policies to support the healthy development of the real economy and business entities. Wang expressed confidence that with coordinated policy efforts, China’s economy will continue to stabilize and improve, effectively meeting the goal of steady quality and quantity growth in foreign trade by the end of the year.
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