China's Innovative Approaches to Boosting Foreign Trade in 2024

As China's 2023 Central Economic Work Conference emphasised boosting foreign trade, the country plans to promote new growth engines in 2024 amid global headwinds.

"The unstable momentum and insufficient driving force of the global economic recovery have led to sustained weakness in external demand, which is the main factor affecting the trend of foreign trade," People's Daily Online quoted Li Xingqian, Director-General of the Department of Foreign Trade of China's Ministry of Commerce, as saying.

He believes China needs to fully recognise the difficulties and challenges facing the development of foreign trade, and also see that positive factors of stabilisation and improvement are gathering.

New products like solar panels, lithium batteries and electric vehicles cater to energy needs.

Cross-border e-commerce, overseas warehouses and other new models are thriving. Innovation and supply chain strengths support trade.

Intermediate goods, making up 60% of trade expansion over 12 years, will be a priority.

By further cooperating with partners on manufacturing, China can achieve mutual benefits and energize global growth.

Cross-border e-commerce has immense potential, already accounting for over 7% of exports.

Improved customs, tax and foreign exchange policies aim to increase efficiency. Pilot zones and companies will be encouraged to join Belt and Road e-commerce.

方海山 / Esraa Esmail / Ahlam Almazrooi