Trade to show robust growth next year

Underpinned by a raft of supportive policies, China's foreign trade is expected to retain its positive trajectory in 2024 despite growing uncertainty in the global economic landscape, the Ministry of Commerce said on Thursday.

Meanwhile, as the country continues to be steadfast in its commitment to advancing high-standard openness and with its long-term growth fundamentals remaining unchanged, the Chinese market is poised to further enhance its appeal to foreign investors, the ministry added.

As 2024 approaches, it is important to acknowledge the uncertainties and instabilities prevalent in the external environment. However, it is equally crucial to recognize the continuous accumulation of favorable factors that contribute to the development of China's economy and foreign trade, He Yadong, a spokesman for the ministry, said at a news conference.

The global economy continues to grapple with an arduous recovery process, and the pace of global trade revival remains sluggish, He said.

The outlook for global trade in 2024 remains "highly uncertain and generally pessimistic", the United Nations Conference on Trade and Development said in a report released on Dec 11, citing factors such as ongoing geopolitical tensions, escalating debt and widespread economic fragility.

However, the benefits of China's high-standard opening-up will be further brought out, and the potential of new products and emerging formats in foreign trade will be continuously unleashed, He said.

A comprehensive set of policies to stabilize foreign trade, along with the collective efforts of vast enterprises, will provide a strong basis for continued growth.

In recent years, solar batteries, lithium-ion batteries and electric vehicles have replaced apparel, home appliances and furniture to become the three new major drivers underpinning China's exports, said Lian Ping, chief economist at Zhixin Investment and head of the Zhixin Investment Research Institute.

As the world continues to prioritize green and low-carbon solutions, demand for these products is expected to surge. China's edge in production capacity, technological expertise and cost efficiency makes it well-positioned to meet this growing demand and expand market share, Lian added.

Commerce Ministry Spokesman He also stressed that the Chinese market will remain a strong magnet for foreign investment as the country's economy continues to exhibit stability and positive long-term prospects.

Foreign direct investment in the Chinese mainland in actual use terms stood at 1.04 trillion yuan ($146.33 billion) in the first 11 months of the year, data from the ministry showed.

Notably, China's ability to attract foreign investment has witnessed continuous structural improvement. High-tech industries accounted for over one-third of China's total foreign investment in the first 11 months, reaching a scale of 386.65 billion yuan, an increase of 1.1 percentage points compared to the full-year figure of 2022, He said.

During the period, over 48,000 new foreign-invested firms were set up across the country, up 36.2 percent year-on-year, according to the ministry.

wangkeju@chinadaily.com.cn