China sets its sights on export boost
Speaking at a news conference in Beijing, Commerce Minister Wang Wentao said these measures will foster an open, cooperative and mutually beneficial global trading landscape that promotes shared development.
Wang said that despite external pressures, China further cemented its position as a major global trading nation, with notable progress in high-quality development during the 14th Five-Year Plan period (2021-25).
The country's foreign trade reached $6.16 trillion in 2024, up 32.4 percent from 2020, maintaining its position as the world's largest trading nation for the eighth consecutive year, according to the Ministry of Commerce.
"Chinese exporters have shown remarkable resilience, actively adapting to changes and driving transformation," he said, adding that they are accelerating product upgrades, especially by enhancing technological content, while also expanding into new markets and channels, and exploring innovative business models.
The commerce minister said that China's foreign trade-related production and supply chains have become more complete, flexible and efficient, reinforcing the country's ability to navigate external uncertainties and laying a solid foundation for sustained and high-quality trade growth.
Noting that any attempt to forcibly "decouple" economic and trade ties between China and the United States is destined to fail, Wang said the bilateral economic relationship has endured fluctuations, with cooperation remaining anchored in economic fundamentals and reflecting the shared interests and expectations of people in both countries.
As economic globalization has encountered mounting challenges and unilateralism and protectionism have continued to rise in recent years, China International Trade Representative Li Chenggang said that the world's economic order and governance system have come under significant strain.
In response, China has reaffirmed its commitment to the multilateral trading system and has worked to expand its network of high-standard free trade agreements, advancing both multilateral and regional cooperation in parallel, said Li, who is also vice-minister of commerce.
"In addition to completing negotiations on the Version 3.0 China-ASEAN Free Trade Area agreement earlier this year, China has also incorporated rules on emerging sectors such as the digital and green economy into its trade negotiations," he added.
Reflecting China's broader commitment to high-standard opening-up, foreign investment has also played a key role in supporting the country's economic development. China utilized a total of $708.73 billion in foreign investment during the 14th Five-Year Plan period by the end of June this year, reaching the target set in the national commerce development plan six months ahead of schedule.
Ling Ji, vice-minister of commerce and deputy China international trade representative, said that foreign-invested companies have contributed one-third of China's foreign trade and one-quarter of its industrial added value, while creating over 30 million jobs, making a significant contribution to the country's economic development.
In a renewed push to draw more global capital, China on Friday introduced 12 targeted measures to encourage foreign companies to reinvest in the Chinese market and boost the effective use of foreign investment.
The new policy, jointly issued by the National Development and Reform Commission and six other government bodies, said that China will support eligible foreign-invested companies reinvesting profits domestically through flexible land use, tax incentives, streamlined procedures, financial support and improved services to encourage high-quality foreign reinvestment projects.
Jiangsu Mobis Automotive Parts Co Ltd, an automobile lamp and airbag manufacturer and subsidiary of South Korea's Hyundai Mobis Co in Yancheng, Jiangsu province, has strengthened its earning capacity since joining the Authorized Economic Operator (AEO) program in 2024, with support from the local government.
The AEO program, promoted by the World Customs Organization, fosters partnerships between customs authorities and businesses to enhance supply chain security and streamline global trade through simplified procedures.
"Since joining the program, we have expanded to become a global supplier of components to more automakers in Japan and Southeast Asia," said Zheng Yinyin, a manager at the company's foreign trade unit.
The company, which employs more than 1,000 people, saw its exports soar 44.5 percent year-on-year to 430 million yuan ($60 million) between January and June, data from Nanjing Customs showed. - China Daily/ANN
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