China’s foreign trade volume reached 28.5 trillion yuan in the first 11 months of 2019, a year-on-year increase of 2.4 percent. The figure is expected to be around 30 trillion yuan for the whole year.
China has achieved better-than-expected trade growth against downward pressure so far, said Li Xingqian, director of the Ministry of Commerce’s foreign trade department.
China has confidence that it will maintain steady trade growth of improving quality in 2020 despite sluggish global demand, Li said, citing the country’s solid trade foundation and vitality of market players.
The Chinese economy is shifting gear from an extensive model that emphasized scale and speed to a more intensive one emphasizing quality and efficiency, from being driven by investment in production factors to being driven by innovation, from relying only on cost and price advantages to raising its overall competitive advantages such as technology, brand, quality and service.
The export of high-tech, high-quality, and high-value-added products has grown rapidly, with IC, medical device exports witnessing an increase higher than the overall average.
Exports of machinery and electronic products accounted for 58.4 percent of the country’s total exports and private companies continued to play an even bigger part, comprising 51.4 percent of China’s total trade volume.
China is also securing a more balanced international market. Trade with the Belt and Road countries accounts for 29.3 percent of the total trade.