Read in Chinese

Speakers:

Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC)

Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC

Chairperson:

Ms. Shou Xiaoli, director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

Oct. 14, 2024

Shou Xiaoli:

Ladies and gentlemen, good afternoon. Welcome to this press conference held by the State Council Information Office (SCIO). This is a regular briefing on China's economic data. Today, we have invited Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC), to brief you on China's import and export data for the first three quarters of 2024 and to take your questions. Also attending today's press conference is Mr. Lyu Daliang, spokesperson for the GACC and director general of the Department of Statistics and Analysis of the GACC.

Now, let's give the floor to Mr. Wang for his briefing.

Wang Lingjun:

Friends from the media, good afternoon. Welcome to this afternoon's press conference. First, I will brief you on the import and export situation for the first three quarters. Afterwards, my colleague Lyu Daliang and I will answer any questions you may have.

Since the beginning of this year, under the strong leadership of the Communist Party of China (CPC) Central Committee with Comrade Xi Jinping at its core, China has achieved overall economic stability while also ensuring steady progress. New quality productive forces have been rapidly forming, high-quality development has been deeply advanced and imports and exports with goods have been steadily increasing, thus continuing the foreign trade structure's optimization. It can be said that both quantity and quality have improved. According to customs statistics, in the first three quarters, China's imports and exports amounted to 32.33 trillion yuan, a year-on-year increase of 5.3%, including exports of 18.62 trillion yuan, up by 6.2%, and imports of 13.71 trillion yuan, up by 4.1%. The main characteristics are as follows:

First, the total value of imports and exports has reached a new high, with each quarter exceeding 10 trillion yuan. For the first time in history, the total for the first three quarters surpassed 32 trillion yuan, with imports and exports for each quarter amounting to 10.15 trillion, 11 trillion and 11.17 trillion yuan, respectively. Each quarter indeed exceeded 10 trillion yuan and the three quarters together surpassed 32 trillion yuan, marking a historic first for the same period.

Second, various types of business entities have remained active, with private enterprises achieving relatively rapid growth. In the first three quarters, China's private enterprises recorded imports and exports totaling 17.78 trillion yuan, an increase of 9.4% and accounting for 55% of the total foreign trade value, which was up by 2.1 percentage points. Foreign-invested enterprises saw imports and exports of 9.53 trillion yuan, growing by 1.1% and marking growth for two consecutive quarters. State-owned enterprises saw imports and exports of 4.9 trillion yuan, with a growth of 0.1%.

Third, market diversification has steadily progressed, and trade with more than 160 countries and regions around the world has achieved growth. Imports and exports with partner countries involved in the Belt and Road Initiative (BRI) totaled 15.21 trillion yuan, which was up by 6.3%, increasing their share to 47.1%. Trade with fellow Regional Comprehensive Economic Partnership (RCEP) member countries reached 9.63 trillion yuan, growing by 4.5% and including 5.09 trillion yuan in imports and exports with ASEAN, up by 9.4%. During the same period, imports and exports with the European Union and the United States amounted to 4.18 trillion yuan and 3.59 trillion yuan, respectively, increasing by 0.9% and 4.2%.

Fourth, the structure for exporting products has been optimized, with the exporting of high-end equipment increasing by more than 40%. In the first three quarters, China's exports of mechanical and electrical products amounted to 11.03 trillion yuan, an increase of 8%, and accounted for 59.3% of the total export value. Among these, high-end equipment exports grew by 43.4%, with integrated circuits, automobiles and household appliances experiencing export increases of 22%, 22.5% and 15.5%, respectively. Additionally, exports of traditional labor-intensive products totaled 3.13 trillion yuan, up by 2.8%.

Fifth, the abundance and variety of imported products have improved, with a stable rise in the volume of bulk commodity imports. In the first three quarters, China's import volume of bulk commodities increased by 5%. Among these, energy products such as crude oil, natural gas and coal totaled 901 million tons, up by 4.8%; metal ores such as iron and aluminum amounted to 1.138 billion tons, increasing by 4.9%. During the same period, the import values for integrated circuits and automobile parts grew by 13.5% and 4.6%, respectively. Imports of consumer goods exceeded 1.3 trillion yuan.

Overall, in the first three quarters, China's foreign trade operated generally stable, with both exports and imports achieving growth. The current domestic and international environments are increasingly complex and China's foreign trade development faces certain challenges. These primarily include intensified global trade protectionism, weak growth momentum in major markets, heavy debt burdens and an increase in uncertain and unstable factors. However, it is also important to recognize that China's economic fundamentals, along with its broad market, strong resilience and great potential, have remained unchanged. The continued implementation of existing policies and the introduction of incremental policies are gaining momentum, while the positive factors for foreign trade development are accumulating and increasing. Thus, there is a solid foundation and support for steady growth with imports and exports in the fourth quarter.

The GACC will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, focusing on the decisions and arrangements made at the third plenary session of the 20th CPC Central Committee. With the aim to promote Smart Customs and thereby strengthen our country, we will further deepen comprehensive reforms in customs, continuously innovate the regulatory service system, optimize the business environment at ports and promote the facilitation of cross-border trade. In response to new situations and challenges in current foreign trade operations, we will follow the decisions and arrangements made at the meeting of the Political Bureau of the CPC Central Committee on Sept. 26, adhere to a problem-oriented approach, focus on key issues, take proactive initiatives, effectively implement existing policies, intensify the introduction of incremental policies, further enhance the pertinence and effectiveness of policy measures, stabilize the volume and improve the quality of foreign trade and contribute to completing the annual goals for socioeconomic development. Thank you.