Beijing Youth Daily:

Given the relatively high level of uncertainty arising from global geopolitical conflicts and commodity price fluctuations, what were the new features of China's foreign trade in August? And how should we view China's foreign trade situation in the coming months? Thank you.

Fu Linghui:

Thank you for your questions. Since the beginning of this year, China's imports and exports of goods have grown rapidly. This is particularly remarkable against the backdrop of rising trade protectionism globally and demonstrates the strong resilience and vitality of China's foreign trade. It is also an important outcome of our unwavering commitment to expanding high-standard opening up. In August, China's trade in goods maintained rapid growth, its trade structure continued to improve, and its growth drivers shifted toward new areas, making it an important highlight in economic performance. Trade has exhibited the following characteristics:

First, the growth momentum of imports and exports remains strong. Driven by factors such as the accelerated application of artificial intelligence and green transformation globally, as well as China's prominent advantage of stable industrial and supply chains, total imports and exports of goods increased by 19.8% year on year in August. While exports grew rapidly, imports rose 21.7%, faster than export growth. China's active efforts to expand imports have provided new opportunities for the development of global trade.

Second, market diversification continues to be consolidated. China expanded business ties with countries around the world, and promoted high-quality cooperation with Belt and Road partner countries, effectively broadening the depth and breadth of its international markets, and enhancing the resilience of its foreign trade. China's cooperation with key economic and trade partners and emerging markets continued to deepen. From January to August, China's imports and exports with ASEAN, the EU, Africa and Latin America increased by 20.6%, 8.1%, 18.5% and 14.5% year on year, respectively, while its imports and exports to countries participating in the Belt and Road Initiative increased by 15.9%. The diversification of trade has provided effective support for China in responding to fluctuations in any single market.

Third, the trade structure continues to move toward new more innovative and greener development. As China advances industrial upgrading and strengthens its R&D and technological capabilities, the global competitiveness of its high value-added products and green products has steadily increased, making them a growing driver of export growth. From January to August, exports of high-tech products increased by 37.1% year on year, with integrated circuits up 95.4% and automatic data processing equipment and components up 43.3%; and exports of green and low-carbon products, represented by lithium batteries and electric vehicles, continued to grow rapidly.

Fourth, the vitality of foreign trade enterprises has been unleashed. China's foreign trade enterprises have actively adapted to changes in the global market, stepped up efforts to explore overseas markets, strengthened cooperation with trade partners, and expanded imports of resources, products and other goods, thereby achieving mutual benefits and win-win results and demonstrating strong vitality. From January to August, the imports and exports of China's private enterprises, foreign-invested enterprises and state-owned enterprises increased by 17.6%, 18.1% and 16.9% year on year, respectively, all maintaining relatively rapid growth.

Overall, China's imports and exports of goods have maintained sound growth momentum. Its foreign trade has demonstrated strong resilience and vitality, injecting stability and certainty into global economic and trade development. Of course, we must also recognize that the international environment is fraught with uncertainties and unpredictable factors, the impacts of trade protectionism continue to manifest, and promoting the steady growth of foreign trade still faces many challenges. In the next stage, we must continue to expand high-standard opening up, broaden the space for mutually beneficial international economic and trade cooperation, vigorously develop trade in services, and promote balanced trade development. Thank you.

Zhou Jianshe:

That concludes today's press conference. Thank you to our two speakers and friends from the media for joining us. Goodbye.

Translated and edited by Zhu Bochen, Zhang Tingting, Yan Bin, Gong Yingchun, Cui Can, Xu Kailin, Yang Chuanli, Xin Huihui, Qu Yongzheng, Wang Wei, Liu Qiang, Wang Yanfang, Zhang Rui, Li Xiao, Li Huiru, Zhang Junmian, He Shan, Guo Xiaohong, David Ball, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.