Strong Chinese trade offers new driver for global economic growth

An aerial drone photo shows the China-Kazakhstan (Lianyungang) Logistics Cooperation Base in Lianyungang, east China's Jiangsu Province, July 25, 2024. (Xinhua/Li Bo)

As a firm advocate for globalization, China is committed to staying the course of high-level opening-up, thereby ensuring its steady economic growth and making fresh contributions to the global economy.

BEIJING, Aug. 2 (Xinhua) -- Contrary to the pessimistic views perpetuated by some U.S. politicians and the U.S. media, a series of indicators showed China's foreign trade has maintained a steady upward momentum. It is an inevitable result of China's continuous pursuit of high-level opening-up, which creates fresh opportunities and a new driver for global economic growth.

China's trade in goods has ranked first in the world for seven consecutive years, and the country is now a major trading partner with more than 150 countries and regions, data released by the General Administration of Customs showed on Tuesday.

China has so far established 22 pilot free trade zones and is constructing the Hainan Free Trade Port. Policies include shortening the negative list for foreign investment and lifting market access restrictions in such service sectors as telecommunications and medical care; these policies have been introduced to encourage more foreign investment.

China has also actively promoted Belt and Road cooperation, and such multilateral platforms as the Regional Comprehensive Economic Partnership to facilitate smoother global trade flows and foster global economic integration.

These measures are just part of China's efforts to expand its high-level opening-up for greater mutual benefit. The efforts, which conform to the right course of economic globalization, are especially crucial amidst growing trade protectionism and anti-globalization sentiments.

Visitors taste food from Belarus at the fourth China International Consumer Products Expo (CICPE) in Haikou, capital city of south China's Hainan Province, April 16, 2024. (Xinhua/Yang Guanyu)

"China's rapid foreign trade growth has significantly boosted the global economy by enhancing supply chain efficiency, increasing the availability of diverse goods, and stimulating economic activity worldwide," said Abdulaziz Alshaabani, a Saudi researcher at Al Riyadh Center for Political and Strategic Studies.

"It has facilitated greater market access for international businesses and fostered economic interdependence, promoting global economic stability and growth," Alshaabani added.

As the world grapples with exacerbating challenges from climate change, China has made substantial contributions to the global green transition.

China has been shifting from exporting mainly labor-intensive goods such as apparel to tech-intensive and green products. Electric vehicles (EVs), solar batteries and lithium-ion batteries, categorized as China's tech-intensive and green "new three," reported a combined export value of 150 billion dollars in 2023, jumping 29.9 percent year-on-year.

China's push toward high-end manufacturing and new technologies especially in the green sector will have a positive spillover effect on its trading partners, said Lee Heng Guie, executive director of the Socio-Economic Research Center of the Associated Chinese Chambers of Commerce and Industry of Malaysia.

Robots weld bodyshells of cars at a workshop of Chinese electric vehicle (EV) maker Li Auto Inc. in Changzhou, east China's Jiangsu Province, Jan. 10, 2024. (Xinhua/Ji Chunpeng)

The global EV industry is not facing overcapacity, but a problem of undercapacity. According to research by the International Energy Agency, to achieve carbon neutrality, global sales of EVs need to reach about 45 million by 2030, more than three times the figure in 2023 and far exceeding current global production capacity.

The continuous opening-up of China's new energy industry creates a larger economic pie for the world and brings more development opportunities.

China's trading network has greatly expanded, with increasing trade cooperation with emerging markets including the Association of Southeast Asian Nations (ASEAN), Latin America and other BRICS nations, contributing to the optimization and balance of global trade patterns.

By strengthening trade ties with emerging markets, China has not only realized trade growth for itself, but also bolstered the economic prospects of these developing regions.

As a firm advocate for globalization, China is committed to staying the course of high-level opening-up, thereby ensuring its steady economic growth and making fresh contributions to the global economy.