Phoenix TV:

Mr. Wang, you mentioned that China's foreign trade advanced despite many difficulties and challenges in the first quarter, with exports still managing to grow by 6.9%. Could you share what factors are driving the growth in exports? Given the increasing pressures from tariff disputes and other challenges, what are the expectations for exports in the coming period? Thank you.

Wang Lingjun:

Thank you for your questions. Indeed, China's exports showed remarkable resilience under pressure in the first quarter. I'd like to invite Mr. Lyu to provide a detailed analysis of this.

Lyu Daliang:

Thank you for your questions. Allow me to share some details about China's export performance in the first quarter.

In the first quarter, China's export volume exceeded 6 trillion yuan, achieving a robust year-on-year growth of 6.9%, demonstrating strong resilience in the face of external pressures. In our view, this performance can be attributed to several factors, including demand, innovation and competitiveness.

In terms of international market demand, the average PMI in the manufacturing sector in the first quarter was 49.9%, higher than in both the fourth quarter of 2024 and the same period last year. In March, the manufacturing sectors in both Asia and Africa expanded. Customs data shows that China's exports to these two regions increased by 7.8% and 12.5%, respectively, with both growth rates exceeding the overall average. Consumer spending in the EU and the U.K. increased quarter on quarter, and their consumer confidence indexes remained relatively stable, helping to drive demand for our products in these markets. In the first quarter, China's exports to more than 170 countries and regions all registered growth.

In terms of domestic industrial innovation, China's manufacturing sector is showing strong momentum in its transition toward higher-end, smarter and greener production. For example, China's exports of ships and marine engineering equipment have grown for four consecutive years, with a 10.8% increase in the first quarter. Exports of specialized equipment have risen for nine straight years, growing by 16.2% in the first quarter. China's new energy products continue to play an important role in the global green transition. In the first quarter, exports of wind turbines, lithium batteries and electric vehicles increased by 43.2%, 18.8% and 8.2%, respectively.

At the same time, many foreign trade operators have responded quickly to the diverse demands of the global market. By leveraging well-developed supply chains, rapid transformation and flexible operations, some traditional industries are introducing new, popular and bestselling products, breathing fresh life into their competitiveness. Industries such as toys and apparel have adopted a "small-batch, quick-response" model, allowing them to swiftly fulfill orders. This has shortened delivery times from about one month to less than a week and significantly boosted international competitiveness. In the consumer goods sector, trendy Chinese products are continuously emerging and gaining widespread recognition and praise around the world. In the first quarter, China's exports of sporting goods to the EU and cosmetics to Southeast Asia both posted double-digit growth.

At present, China's exports are indeed facing a complex and challenging external environment, but the sky isn't falling. In recent years, China has actively developed diverse markets and deepened cooperation on industrial and supply chains with partners around the world. That approach has not only supported the development of other countries but has also strengthened China's own resilience. Meanwhile, China's vast domestic market continues to serve as a key pillar of support. We will remain steadfast in managing our own affairs and will navigate external uncertainties with stability at home. Thank you.