SCIO briefing on China's imports, exports in Q1 2025

Bloomberg News:

My first question is, the WTO early this month announced they are lowering the forecast for global trade volume growth this year to minus 1% from their previous forecast 3% growth. How do you expect this, or do you expect this to also fall through the Chinese export growth? And my second question is how will they change the de minimis regulation that the U.S. has announced that affect China's e-commerce growth?

Wang Lingjun:

Thank you for your questions. As I mentioned earlier, the U.S. government has recently imposed arbitrary tariffs globally, running counter to international trends. This move has been widely opposed by affected countries and criticized by international organizations. The WTO immediately issued a statement saying that the U.S. approach will significantly impact the outlook for global trade and economic growth, leading to a contraction in global goods trade volume. The organization also called on member countries to stand united and engage in constructive dialogue through the WTO platform to seek cooperative solutions. China will work with all parties to uphold genuine multilateralism, jointly safeguard the multilateral trading system with the WTO at its core, and defend international fairness and justice. Thank you.

Elephant News:

We have noticed that imports and exports by private enterprises maintained rapid growth in the first quarter. What were the specific highlights? The symposium on private enterprises held earlier this year emphasized that private enterprises should unswervingly follow the path of high-quality development. What measures have customs authorities taken to support the development of private enterprises? Thank you.

Wang Lingjun:

Thank you for your question. Private enterprises are the largest contributors to China's foreign trade. Their vitality drives the dynamism of the country's foreign trade sector. In the first quarter, imports and exports by private enterprises grew by 5.8%, outpacing the national growth rate by 4.5 percentage points. Their share of total trade rose to 56.8%. Along with this rapid growth in trade volume, the quality of development is also steadily improving.

In the first quarter, private enterprises recorded import and export growth with nearly 180 countries and regions worldwide. In emerging markets, imports and exports with ASEAN, Africa and Latin America increased by 7.4%, 9.6% and 5.2%, respectively. In traditional markets, trade with the EU grew by 7.1% and with Japan by 4.8%.

At the same time, private enterprises have become an important force in China's technological innovation. From low-cost, highly intelligent AI open-source models to robotic dancers at the CMG Spring Festival Gala, private enterprises have demonstrated a vigorous spirit of innovation. You may recall that during the Spring Festival Gala, robots performing the yangko dance alongside humans captured widespread attention, creating a stunning blend of visual artistry and technology.

In the foreign trade field, private enterprises set a new record in the first quarter for the imports and exports of high-tech products, reaching nearly 1 trillion yuan and maintaining their position as the largest import-export entities. Among these, exports of industrial robots grew by 67.4% and exports of high-end machine tools increased by 16.4%. Imports of high-end equipment rose by 25.6%, while imports of surgical robots jumped by 47.5%.

Customs has firmly implemented the "two unwavering commitments": unwaveringly consolidating and developing the public sector, and unwaveringly encouraging, supporting, and guiding the development of the non-public sector. We have deepened reforms as well as improved regulatory systems. It has also actively supported private enterprises in stabilizing expectations, securing orders and expanding their markets. Take AEO certification, commonly known as the "green pass" for global trade, as an example. Customs continues to strengthen efforts to support key industries, enabling more private companies to benefit from faster customs clearance and lower trade costs. In the first quarter alone, the number of private enterprises obtaining AEO certification increased by 116 to reach a total of 2,670. During the same period, exports and imports by AEO-certified private enterprises grew by 8.6% and 8.5%, respectively — 1.6 and 5 percentage points higher than the overall growth rate for private enterprises. Thank you.