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Other CategoriesIn 2024, the total value of China's imports and exports of goods exceeded 43 trillion yuan, achieving a simultaneous increase in volume, increase and quality. In the context of the profound adjustment of the global trade pattern, the "new content" of China's foreign trade continues to rise - new products accelerate the "going to sea", new forms of business are booming, and new brands shine on the international stage, jointly building a new engine for the high-quality development of China's foreign trade, showing the world a strong economic resilience and innovation vitality, and playing an important role in the global industrial chain and supply chain.
First, the core characteristics of China's foreign trade "containing new volume"
The "new content" of China's foreign trade is mainly reflected in three aspects: product structure upgrading, business model innovation and brand value enhancement, forming a new pattern of high-quality development with scientific and technological innovation as the core and market diversification as the support.
(A) New products: high-tech attributes of new products to accelerate the "sea"
The high-tech attributes of China's export products have been significantly enhanced, and high value-added products have become the main driving force for foreign trade growth. In 2024, mechanical and electrical products accounted for 59.4% of the total export value, more high-tech, high value-added new products accelerated to "go to sea", industrial robots, 3D printers export growth rate of 45.2%, 32.8%. The accelerated "going to sea" of high-tech products not only reflects the transformation and upgrading of China's manufacturing industry, but also highlights the continuous improvement of China's position in the global value chain.
(2) New business forms: cross-border e-commerce is booming
New business forms such as cross-border e-commerce are reshaping the trade development model and occupying an increasingly important position in China's foreign trade. In 2024, the import and export volume of China's cross-border e-commerce reached 2.63 trillion yuan, an increase of 10.8% over the past five years, and the scale has increased by more than 10 times, becoming a new driving force for foreign trade growth. By optimizing resource allocation and reshaping trade processes, cross-border e-commerce and other new forms of business have not only injected new vitality into China's foreign trade, but also opened up a new path for high-quality foreign trade development.
(3) New brands: Independent brands have won wide recognition in the international market
With the awakening and promotion of Chinese brand awareness, more and more independent brands have begun to go to the world stage and won wide recognition and praise in the international market. According to the statistics of the General Administration of Customs, in 2024, the proportion of independent brands in China's exports increased by 0.8 percentage points year-on-year to 21.8%, and a large number of "invisible champions" emerged in apparel, consumer electronics, beauty and other fields. The popularity of domestic brands around the world not only enhances the added value and competitiveness of Chinese goods, but also enhances the international transmission of Chinese culture.
Second, China's foreign trade contains the internal driving force of "new" volume increase
The continuous increase in the "new" content of China's foreign trade is the result of the synergistic effect of multiple factors such as the empowerment of scientific and technological innovation, the resilience of the industrial system, and the guarantee of policies and institutions. China's foreign trade is changing from a factor cost advantage to a business environment, independent innovation, industrial support and other comprehensive advantages, and constantly seeking new breakthroughs in expanding high-level opening up.
(1) Enabling scientific and technological innovation: promoting the upgrading of foreign trade structure to high added value
Driven by the new quality productivity, China's manufacturing industry has accelerated the transformation and upgrading to digital, intelligent and green, the innovation chain and the industrial chain are deeply integrated, and the export products are improving "quality" to "new". China's R & D investment accounted for more than 2.5% of GDP for many years in a row, and the continuous growth of R & D investment injected technology into the core of export products. For example, behind the 45.2% surge in industrial robot exports is the deep application of artificial intelligence, Internet of things and other technologies in the manufacturing industry.
(2) Industrial system resilience: Enhance the ability to respond quickly to global demand for foreign trade
China has a complete industrial system of 41 industrial categories, 207 medium and 666 sub-categories. With the support of the supporting capacity of the whole industrial chain, China's foreign trade can quickly respond to the diversified needs of the global market. In addition, private enterprises, as the largest foreign trade subject and the largest import and export subject of high-tech products, have become the main force of China's foreign trade development through continuous innovation and market expansion. In 2024, the import and export volume of private enterprises reached 24.33 trillion yuan, an increase of 8.8 percent year-on-year, accounting for 55.5 percent of China's total foreign trade value.
(3) Policy and system guarantee: systematic guarantee to support the high-quality development of foreign trade
China has accelerated the construction of a new system of an open economy at a higher level, implemented the strategy of upgrading the pilot free trade zone, accelerated the construction of the Hainan Free Trade Port, steadily expanded the institutional opening-up of rules, regulations, management and standards, and upgraded the level of trade and investment cooperation in China. This has played a supporting role in enhancing China's attractiveness to global factor resources and enhancing its position in the global industrial chain and supply chain innovation chain. In 2024, the total import and export volume of the 22 pilot free trade zones will reach 8.45 trillion yuan, accounting for 19.3 percent of the country's total import and export volume with less than four-thousandths of the country's land area.
Third, future outlook: to "new" as the anchor, to "new" to open up new space for high-quality development of foreign trade
Looking ahead, in the face of challenges such as the restructuring of the international economic and trade rules system and the accelerated adjustment of the global supply network system, China has the ability and conditions to act on the "new" as the anchor, continue to open up new space for high-quality foreign trade development, and respond to global economic and trade changes with innovation and resilience.
1. Technological innovation leads the climb of global value chains
At present, China is developing new quality productive forces according to local conditions, cultivating and strengthening emerging industries and future industries. With the application of artificial intelligence (AI), big data and other technologies, it will help enterprises to further improve production efficiency, optimize products and services, achieve intelligent transformation and upgrading, so as to occupy a more favorable competitive position in the international market, and help China's foreign trade accelerate its extension to the high-end of the global value chain.
(2) Fostering new competitive advantages through green and digital trade
With the promotion of the global concept of green and low-carbon development and the wide application of digital technology, green and digital have become the direction and future of international trade development. At present, China is accelerating the research and development and application of green technology, constructing the system of digital trade rules, and cultivating export growth points such as green products and digital services, which is conducive to further enhancing its position and influence in the field of global green and digital trade.
3. Expanding economic and trade cooperation through institutional opening-up
As the "circle of friends" of the FTA continues to expand, the content of the FTA is increasingly rich, and the standard rules are gradually deepened, China has continued to deepen institutional opening-up, and promoted the economic and trade cooperation with other countries to a higher level, wider areas and deeper development. This will enable China to participate more deeply in the restructuring of the global industrial chain, build a global supply network that is conducive to its own security and development, and continue to expand new space for economic and trade cooperation.
Fourth, conclusion: innovation more than, toughness forward
The jump in China's foreign trade is a result of the climb in the global value chain and a win-win practice for an open world economy. From technological breakthroughs to the rise of brands, from digital empowerment to green transformation, China is taking "new" as its sail to open up a new channel for high-quality development in the changing global trade landscape. Looking forward to the future, with the deepening of high-level opening to the outside world, China's foreign trade will certainly write more "new" chapters on the road of building a trade power.
