Shou Xiaoli:

Thank you, Mr. Wang, for your introduction. We will now open the floor for questions.

CCTV News:

According to recently released customs statistics, China's imports and exports maintained stable growth in the first three quarters of this year. What are the main factors driving this growth? Additionally, could you analyze and interpret the expected trends in China's foreign trade for the fourth quarter? Thank you.

Wang Lingjun:

Thank you for your question. Since the beginning of this year, China's imports and exports have maintained stable growth due to both supply and demand factors.

On the demand side, internationally, the World Trade Organization's latest report has raised its forecast for annual global merchandise trade volume growth. Institutions such as the World Bank and the Organization for Economic Cooperation and Development believe the global economy is stabilizing, and recovering external demand has created favorable conditions for China's exports. In the first three quarters, China's exports to traditional markets — Europe, the U.S. and Japan — grew by 4.2%, while exports to emerging markets like ASEAN and Latin America increased by 12.3% and 13.7%, respectively. Domestically, China's industrial production has grown steadily since the start of this year, driving increases in imports of coal (11.9%), natural gas (13%) and iron ore (4.9%) in the first three quarters. With the cyclical upturn in consumer electronics, imports of semiconductor manufacturing equipment, integrated circuits and flat-panel display modules all achieved double-digit growth. The consumer market has maintained steady growth, with imports of specialty fruits, wine and clothing rising by 7.1%, 28.9% and 6.1%, respectively, effectively meeting diverse domestic consumer demands.

On the supply side, China is accelerating the development of new quality productive forces, with manufacturing trending notably toward higher-end, smarter and greener production. Innovation has made Chinese manufacturing increasingly attractive globally. Regarding high-end development, Chinese manufacturing has demonstrated solid capabilities. For instance, we recently exported the world's largest floating oil-gas production, storage and offloading platform, priced above 10 billion yuan, with a displacement equivalent to five aircraft carriers — representing the pinnacle of global marine engineering. In terms of smart manufacturing, products like all-in-one robotic vacuum cleaners and automatic coffee machines capable of brewing more than a dozen flavors have gained popularity with overseas customers. Home appliance exports increased by 15.5% in the first three quarters. On the environmental front, China's new energy industry has effectively aligned with global green development trends, with exports of wind turbine generator systems and electric vehicles rising by 73.9% and 22%, respectively.

Regarding future trends, with three months remaining in the year, the external environment has grown increasingly complex and challenging. The latest International Monetary Fund report indicates that global economic growth rates have fallen below the average levels seen in the first two decades of this century. Major economies are struggling to maintain sustained growth momentum, with both the Federal Reserve and European Central Bank lowering their respective economic growth forecasts by 0.1 percentage point in September. Additionally, some countries have increasingly imposed trade restrictions on Chinese products. Recent fluctuations in key domestic economic indicators — including industrial output, investment and consumption — have added pressure to foreign trade development. However, the fundamentals of China's economic development remain solid, with favorable conditions such as vast market potential and strong economic resilience continuing unchanged. Moreover, you may have noticed that various departments and regions are actively implementing decisions and arrangements made at the CPC Central Committee Political Bureau meetings. They're introducing a new package of incremental policies to support the healthy development of the real economy and business entities. With these coordinated policy efforts, China's economy is expected to maintain its stable upward trajectory toward higher-quality growth. We have both the necessary conditions and confidence to achieve our annual objectives of steady trade volume growth and quality improvement. Thank you.