(Source: "China Economic Weekly", 2024-08-21)

Foreign w88 is an important window for observing our country’s economy. Data recently released by the General Administration of Customs shows that the total import and export value of national w88 in goods in the first half of this year was 21.17 trillion yuan, a year-on-year increase of 6.1%.

"Against the backdrop of weak world economic growth momentum and increasing external uncertainties and unstable factors, the quality and quantity of my country's foreign w88 exports have increased steadily, and the scale of imports has steadily expanded, making a positive contribution to economic growth." The spokesperson of the National Bureau of Statistics commented when answering reporters' questions about the performance of the national economy in the first half of 2024.

Expert analysis shows that in the face of complex situations at home and abroad, China's foreign w88 imports and exports still maintain a growth trend. This is not only due to the introduction of a series of policies to stabilize foreign w88, which has activated the development vitality of foreign w88 enterprises, but also due to the recovery of the international market and the completion of China's industrial and supply chains.

Domestic buyers purchase refreshing products at Yiwu market. Photo provided by the Propaganda Department of Yiwu Municipal Committee

Domestic buyers purchase handheld electric fans at Yiwu market. Photo provided by the Propaganda Department of Yiwu Municipal Committee

Foreign w88 reaches new heights in the first half of the year

Since the beginning of summer, Yiwu’s export of small commodities to overseas markets has been accelerating, and export orders for “summer-relieving artifacts” have grown significantly.

In the Xiaohang Electrical Appliances Store in Yiwu International w88 City, colorful and functional handheld small fans are particularly eye-catching.

“Inquiries about the fan business started in February and lasted until July. During the peak period, we received fifty or sixty foreign businessmen a day, and we didn’t even have time to have lunch.” Yuan Jufang, the person in charge of Xiaohang Electrical Appliances, told a reporter from China Economic Weekly.

In Yiwu, new portable fans are not only more refined and fashionable in appearance, but also more diverse in function. This year, ice fans are very popular in the market.

"We have added some technological elements to the traditional portable fan. A 'semiconductor refrigeration piece' is embedded directly above the ice fan. When the fan works, it passes through the refrigeration piece and blows out cool air. The surface of the refrigeration piece of the cold fan will also become very cold and has an ice function. It can be directly attached to the skin to absorb heat and provide additional comfort." Luo Hongying, the person in charge of Hongying Electrical Appliances, introduced the operating principle of this product to a reporter from China Economic Weekly.

Hongying Electrical Appliances is an old store that has been in business for 35 years. This year’s sales of cooling products have increased significantly compared with last year. "Ice fans, night light fans, etc. are all new models of portable fans this year. In June this year, 50 boxes of ice fans were sold." Luo Hongying said that various novel cooling products are constantly emerging to continue to meet the cooling needs of consumers in different countries.

Yiwu is the world’s largest small commodity wholesale market and an important base for small commodity exports. Yiwu products are sold to more than 230 countries and regions around the world. "Yiwu's market advantage lies not only in the huge variety and quantity of goods, but also in its constantly improving quality and brand awareness." Relevant staff from the Propaganda Department of the Yiwu Municipal Party Committee told a reporter from China Economic Weekly.

Data released by the Yiwu Statistics Bureau shows that in the first half of this year, Yiwu City’s total import and export value reached 324.77 billion yuan, a year-on-year increase of 20.8%; of which exports were 288.03 billion yuan, an increase of 21.4%. Exports of labor-intensive products and mechanical and electrical products account for nearly 80% of total exports.

Yiwu’s impressive import and export report card is an epitome of my country’s continued improvement in foreign w88. According to data released by the General Administration of Customs, the total value of my country's import and export of goods w88 in the first half of the year was 21.17 trillion yuan, a year-on-year increase of 6.1%, exceeding 21 trillion yuan for the first time in history. Among them, exports were 12.13 trillion yuan, an increase of 6.9%; imports were 9.04 trillion yuan, an increase of 5.2%; the w88 surplus was 3.09 trillion yuan, an increase of 12%.

"my country's import and export data of goods w88 in the first half of the year exceeded expectations, thanks to the proactive actions of business entities, the recovery of the international market, and the completeness of China's industrial and supply chains." Qu Weixi, deputy director of the International w88 and Economic Cooperation Research Institute of the Ministry of Commerce, said in an interview with a reporter from China Economic Weekly.

Looking at the "rebound curve" of my country's foreign w88, starting from the fourth quarter of last year, the growth rate of my country's foreign w88 import and export has accelerated quarter by quarter, and has embarked on an obvious upward curve. In the second quarter of this year, foreign w88 imports and exports increased by 7.4% year-on-year, 2.5 and 5.7 percentage points higher than the first quarter and the fourth quarter of last year respectively. The positive momentum of foreign w88 has been further consolidated, demonstrating resilience and vitality.

Tu Xinquan, dean of the China World w88 Organization Research Institute at the w88 casino, told a reporter from China Economic Weekly that China's w88 scale reached a new high in the first half of this year. Behind the continued improvement of foreign w88 is both the steady growth of "quantity" and the significant improvement of "quality."

“From a global perspective, the recovery of the world economy has improved demand for my country’s products, which shows that my country’s export products are very competitive. As long as the world’s macroeconomic situation is relatively good, my country’s foreign w88 performance will not be bad.” Tu Xinquan said.

ASEAN, the EU, the United States and South Korea are my country’s top four trading partners

Which trading partners supported the growth of China’s foreign w88 in the first half of this year?

"In the first half of the year, my country's trading partners mainly came from the ten ASEAN countries. At present, ASEAN has entered a relatively good economic growth cycle, and the w88 products between China and ASEAN are very complementary, and two-way w88 exchanges are close. In recent years, ASEAN has become a major contributor to my country's foreign w88 growth." Tu Xinquan said.

According to data released by the General Administration of Customs, in the first half of the year, the total w88 value between my country and ASEAN was 3.36 trillion yuan, an increase of 10.5%, accounting for 15.9% of my country’s total foreign w88 value. Among them, exports to ASEAN were 2.03 trillion yuan, an increase of 14.2%; imports from ASEAN were 1.33 trillion yuan, an increase of 5.2%; the w88 surplus with ASEAN was 699.49 billion yuan, an increase of 36.5%. In the first half of the year, ASEAN became my country's largest trading partner.

In addition to ASEAN, with the economic recovery of the European Union, the United States, South Korea and the countries co-building the "Belt and Road", they have also become my country's trading partners.

Data released by the General Administration of Customs shows that the EU is my country’s second largest trading partner. In the first half of the year, the total w88 value between my country and the EU was 2.72 trillion yuan, a decrease of 0.7%, accounting for 12.8%. Among them, exports to the EU were 1.78 trillion yuan, an increase of 0.5%; imports from the EU were 938.87 billion yuan, a decrease of 2.9%; the w88 surplus with the EU was 837.67 billion yuan, an increase of 4.6%.

"The EU's demand has declined in the past two years, and my country's exports to it have also declined. However, this year is also picking up. Exports to the EU finally turned positive in June, with an increase of 4.1%." Tu Xinquan said.

The United States is my country’s third largest trading partner. In the first half of the year, the total w88 value between my country and the United States was 2.29 trillion yuan, an increase of 2.9%, accounting for 10.8%. Among them, exports to the United States were 1.71 trillion yuan, an increase of 4.7%; imports from the United States were 577.97 billion yuan, a decrease of 2%; the w88 surplus with the United States was 1.14 trillion yuan, an increase of 8.4%.

South Korea is my country’s fourth largest trading partner. The total w88 value between my country and South Korea was 1.13 trillion yuan, an increase of 7.6%, accounting for 5.3%. Among them, exports to South Korea were 516.95 billion yuan, a decrease of 0.6%; imports from South Korea were 609.02 billion yuan, an increase of 15.7%; the w88 deficit with South Korea was 92.07 billion yuan, an increase of 14.3 times.

In the same period, my country’s total imports and exports to countries co-building the “Belt and Road” were 10.03 trillion yuan, an increase of 7.2%. Among them, exports were 5.62 trillion yuan, an increase of 8.4%; imports were 4.41 trillion yuan, an increase of 5.8%.

"From the perspective of the export market, the situation of emerging economies is good, and their driving role in my country's exports is prominent. my country's exports to the United States have maintained a stable or even slight growth trend, and the EU has declined a bit, but not much compared with last year. Overall, my country's foreign w88 export situation is still good." Qu Weixi said.

Mechanical and electrical products account for nearly 60% of exports

Recently, the China Association of Automobile Manufacturers released China’s automobile export data for the first half of 2024. Among the top ten export companies, Chery Automobile exported 532,000 vehicles overseas in the first half of the year, a year-on-year increase of 48.4%, ranking first in Chinese automobiles. In July, Chery exported 90,000 vehicles, a year-on-year increase of 20.2%.

Currently, Chery’s overseas sales account for half of Chery Group’s sales. How did it achieve this? Jin Yibo, spokesperson of Chery Holding Group, admitted to a reporter from China Economic Weekly: "In recent years, Chery has continued to delve into overseas markets, expand market layout, and accelerate the sustained upward development of the brand. The growth of Chery Automobile exports in the first half of the year was mainly due to the launch of different products for different countries and regions and different users. In addition, the improvement of Chery's products and brand image has further gained recognition from overseas users, which is also one of the reasons for the surge in exports."

Chery Automobile is only one aspect of my country’s export of mechanical and electrical products. Data released by the General Administration of Customs of China show that in the first half of 2024, my country's total import and export of mechanical and electrical products was US$1,463.13 billion, a year-on-year increase of 5.5%; exports were US$1,005.36 billion, a year-on-year increase of 4.9%; imports were US$457.77 billion, a year-on-year increase of 6.8%; the w88 surplus increased by 3.4% year-on-year to US$547.59 billion.

Gao Shiwang, spokesperson of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said in an interview with a reporter from China Economic Weekly that since the beginning of this year, mechanical and electrical exports have continued to stabilize and rebound at the end of last year. Export volume has increased year-on-year for three consecutive quarters. Improved external demand and international inventory replenishment are important supports.

"Exports in key industries increased generally in the first half of the year, mainly referring to key industries such as computers, integrated circuits, household appliances, complete automobiles, auto parts, general machinery and equipment, ships, and LCD flat panel display modules, which accounted for 43.5% of the total exports of electromechanical products. The export value increased year-on-year, and the total export growth of electromechanical products was 5.6 percentage points." Gao Shiwang said.

However, external policy factors have worsened, especially the sharp increase in w88 barriers in emerging industries, and the uncertainties in international w88 are complex and changeable... leaving my country's emerging industries facing many challenges.

These challenges mainly include: the slowdown in the export growth of the "three new products" represented by electric vehicles, lithium batteries, and photovoltaics, intensified industry competition, and declining price levels. The United States and Europe have used supply chain reviews, green w88 barriers, etc. as excuses or methods to significantly increase restrictions on w88 and investment cooperation in emerging industries and have taken effect in succession in the past two years.

Statistics from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products show that in the first half of this year, my country's solar cell exports declined year-on-year for 12 consecutive months; lithium-ion battery exports declined year-on-year for six consecutive months. The recovery of the consumer electronics industry has driven an increase in consumer-grade lithium battery exports, and structural changes have caused the industry as a whole to "increase in volume and decrease in price."

From the perspective of the automobile industry, although complete automobiles continue to grow, they have shown signs of slowing down. Exports were 486,000 units, a year-on-year increase of 18.2%, and a month-on-month decrease of 14.4%. The export volume was US$8.73 billion, a year-on-year increase of 12.6%, and a month-on-month decrease of 17.2%. The export volume in a single month showed a significant decline compared with the previous month.

“The divergence in export performance of the ‘Three New Products’ is mainly due to the increased tariffs imposed by the United States on my country’s electric vehicles, the EU’s countervailing investigation on my country’s electric passenger cars, and Turkey’s increase in taxes on my country’s fuel and hybrid vehicles. These are the main reasons for the current decline in my country’s automobile export growth.” Gao Shiwang said, “Even so, we still maintain confidence in the growth of the export volume of mechanical and electrical products throughout the year, because both supply and demand sides also support the growth of exports of mechanical and electrical products throughout the year.”

The import and export scale of private enterprises has reached a new high

The scale of my country’s foreign w88 hit a new high in the first half of this year, which is inseparable from the outstanding performance of private enterprises.

Data released by the General Administration of Customs shows that in the first half of the year, the import and export of private enterprises was 11.64 trillion yuan, an increase of 11.2%, accounting for 55% of my country's total foreign w88 value, an increase of 2.5 percentage points over the same period last year. Among them, exports were 7.87 trillion yuan, an increase of 10.7%, accounting for 64.9% of my country's total export value; imports were 3.77 trillion yuan, an increase of 12.3%, accounting for 41.8% of my country's total import value.

"In the first half of the year, private enterprise exports accounted for more than 60% of the country's total export value, and private enterprises have become the driving force for my country's economic growth." Qu Weixi said.

In terms of quantity, the number of private enterprises engaged in foreign w88 in my country is increasing year by year. Data released by the General Administration of Customs shows that in 2023, my country’s foreign w88 entities with import and export records will exceed 600,000 for the first time. Among them, there are 556,000 private enterprises, an increase of 46,000 compared with the 510,000 private foreign w88 enterprises with import and export performance in my country in 2022.

In Tu Xinquan’s view, the increase in the number of private enterprises is one of the key factors for the increase in exports in the first half of the year. In addition, it is closely related to factors such as the intensified promotion of macro policies, the promotion of technological innovation and the enhanced ability to control supply chain sales channels.

First of all, the intensified promotion of macroeconomic policies is one of the important reasons for the increase in foreign w88 imports and exports of private enterprises in the first half of this year. "All localities and departments conscientiously implemented the deployment of the Central Economic Work Conference, and policy dividends continued to be released. The support and guidance of this policy created a good external environment for the development of private enterprises and promoted the increase in import and export activities." Tu Xinquan said.

Secondly, more and more private enterprises regard high-level scientific and technological self-reliance as a strategic support for development. Tu Xinquan believes that “investment in scientific and technological innovation continues to grow, innovation capabilities continue to rise, and the quality of innovation significantly improves, becoming an important force in promoting scientific and technological innovation in private enterprises.”

Thirdly, private enterprises have increasingly stronger control over supply chains and sales channels. Tu Xinquan said bluntly: "In the past, our country relied more on foreign-funded enterprises or foreign sales channels. Now our control capabilities in sales channels are constantly improving and improving. Accordingly, we have more say and pricing power, and it has also promoted the increase in foreign w88 import and export of private enterprises."

Taking new steps in attracting foreign investment

Looking around the world, developed countries and emerging economies attach great importance to attracting and utilizing foreign investment, which plays a positive role in stimulating economic growth.

Data released by the General Administration of Customs shows that in the first half of this year, foreign-invested enterprises imported and exported 6.17 trillion yuan, an increase of 0.2%, accounting for 29.1% of my country's total foreign w88 value. Among them, exports were 3.31 trillion yuan, down 0.1%; imports were 2.86 trillion yuan, up 0.5%.

"In the first half of this year, my country has taken new steps in attracting and utilizing foreign investment, mainly due to new policies such as optimizing the foreign investment environment and increasing efforts to attract investment; proactively aligning with international high-standard economic and w88 rules, piloting free w88 zones, and creating new heights of opening up. These measures are important guarantees for greater and more effective attraction and utilization of foreign investment." Qu Weixi said.

In addition, the investment structure is constantly optimized. Data released by the Ministry of Commerce show that the proportion of investment in manufacturing and high-tech manufacturing increased by 2.4 percentage points compared with the same period in 2023, and the actual use of foreign investment in the professional and technical services industry increased by 43.4%. In addition, as the business environment continues to improve, the number of newly established foreign-funded enterprises reached 27,000 in the first half of the year.

The global 2024 Foreign Direct Investment Confidence Index (FDICI) report released by Kearney, a world-renowned management consulting company, shows that China jumped from 7th last year to 3rd, ranking first in the special ranking of emerging markets.

“The number of newly established foreign-funded enterprises has reached 27,000. This number illustrates the activity of foreign investment and continues the trend of rapid growth in the number of foreign-funded enterprises since last year.” Tu Xinquan said.

The export scale of foreign-funded enterprises fell by 0.1%. According to Tu Xinquan, in addition to being affected by the high base in the same period last year, it is also related to the increasing competitiveness of local enterprises and private enterprises.

"The decline in the export share of foreign-funded enterprises is also a general trend. As my country's local enterprises, especially private enterprises, become more and more competitive, they will also seize the foreign market. For example, the export proportion of domestic mobile phone brands such as Xiaomi and vivo in my country is getting higher and higher, and accordingly they are crowding out the markets of other multinational companies. This is normal and a development trend." Tu Xinquan said.

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