Shanghai's Yangshan Deep-Water Port on January 1, 2025. Photo: VCG
According to data released by the General Administration of Customs of China on January 13, the total value of China's import and export of goods trade in 2024 was 43.85 trillion yuan ($5.98 trillion), a year-on-year increase of 5 percent, the scale of which hit a record high. Among them, foreign trade gained momentum in the fourth quarter, especially in December, when the import and export scale exceeded 4 trillion yuan for the first time, with a growth rate of 6.8 percent. The whole year's foreign trade concluded successfully. These figures have received widespread attention from the outside world, with many Western media outlets describing them as "surprising" and "beating expectations." To a certain extent, this foreign trade "report card" can be regarded as a summary of the ratings of China by trading entities around the world, showing the international community's true attitude toward dealing with and doing business with China.
Many people have noticed that the performance of China's foreign trade in 2024 is not merely a numerical growth in the statistical sense. It has achieved "three simultaneous increases" in total volume, increment and quality. In addition, in terms of structure, more new products with high-tech attributes are accelerating to go overseas. The exports of electric vehicles, 3D printers and industrial robots have grown by 13.1 percent, 32.8 percent, and 45.2 percent respectively. From a domestic perspective, China's foreign trade has traditionally focused on the eastern coast which plays a leading role. However, now the import and export of the eastern, central, western and northeastern regions have all achieved growth. Externally, while trade with emerging markets, such as the Belt and Road partner countries and ASEAN countries, has increased significantly, China has also maintained its trade momentum with the traditional markets of Europe and the US. What is commendable is that these achievements have been made on the foundation of a massive existing stock of 40 trillion yuan in our country. All of this demonstrates China's determination and ability to promote high-level opening-up to the outside world.
At the micro level, the continuously increasing endogenous momentum of China's foreign trade is even more evident. In 2024, Chinese foreign trade practitioners actively expanded through traditional channels, cross-border e-commerce, and other avenues. Various market entities adapted flexibly, with a record-breaking nearly 700,000 entities involved in import and export activities. Upgraded small commodities from Yiwu reached global markets, Shenzhen's "new trio" gained worldwide popularity, exports of snow sports equipment from Northeast China to Europe multiplied, and fresh salmon from Xinjiang was directly supplied abroad. As more Chinese enterprises engage in global trade, it highlights the broader scope and deeper integration of China's opening-up to the world.
For the eighth consecutive year, China has maintained its position as the world's largest trader of goods. This achievement reflects not only the industriousness, determination, and entrepreneurial spirit of the Chinese people but also the genuine global demand for Chinese manufacturing. Even trade between China and the US, whose relationship is often framed by Washington and the West as "competition," grew by 4.9 percent in 2024, aligning closely with China's overall trade growth rate. This reveals a more nuanced China-US relationship and underscores the power of mutually beneficial cooperation.
Some US media outlets, however, are reluctant to acknowledge these evident conclusions. Instead, they adopt an alternative view, perceiving the close economic and trade ties as a "threat" rather than a win-win situation. For instance, The New York Times hinted it's dangerous that "Chinese factories are dominating global manufacturing," arguing that imposing tariffs on Chinese goods could prompt retaliatory measures, "bringing the world closer to a trade war that could further destabilize the global economy." This perspective, in essence, exposes one of Washington's true intentions behind its spreading of the "China's overcapacity" rhetoric - to shift the blame for its destructive tariff wars onto China and make it a scapegoat.
China's stability and opening-up are crucial to the global economy, a fact that has been repeatedly proven. According to the latest data from the World Trade Organization, China's contribution to global exports exceeded 30 percent in the first three quarters of 2024, demonstrating that China remains the largest driving force behind global export growth. The United Nations has just released its flagship report, World Economic Situation and Prospects 2025, which not only forecasts stable growth for China this year but also indicates that global trade witnessed a rebound of 3.4 percent in 2024 driven by improved exports of manufactured goods from Asia and strong services trade. China's green trade continues to lead the global energy transition process, with wind turbine exports increasing by 71.9 percent, photovoltaic product exports exceeding 200 billion yuan for four consecutive years, and lithium battery exports reaching 3.91 billion units, all of which strongly support global confidence in addressing climate change.
On September 26 last year, a meeting held by the Political Bureau of the CPC Central Committee decisively deployed a package of incremental policies. Following the swift introduction of a new round of measures to promote stable growth in foreign trade, a noticeable acceleration in China's foreign trade occurred. This indicates that there are still many tools in China's policy toolbox. In the new year, despite facing various uncertainties, China's foreign trade, and indeed the Chinese economy, have consistently achieved new accomplishments by overcoming difficulties, repeatedly bringing "surprises" and "exceeding expectations" to the world. As China is a major engine of global economic growth, we hope that the country can strengthen connections and engage in healthy competition with countries around the world in the global market, jointly achieving a good "report card" for the new year.