China News Service:

Our attention is now more focused on the quality of foreign trade, rather than just the volume. In terms of statistics, how can we see high-quality development of foreign trade? What are the changes happening to the trade mix? Thanks.

Wang Lingjun:

Thank you for your questions. Over the past decade, China's foreign trade has witnessed a high-quality development both in the improvements of volume and quality and also the composition of trade. This can be described in the following aspects:

First, we improved the composition of export products. The machinery and electronic products took a large share of our exports. In 2021, China's exports totaled 21.73 trillion yuan. The trade volume of mobile phones, computers, integrated circuits, and other machinery and electronic products reached 12.83 trillion yuan, accounting for nearly 60% of the total. However, the export of labor-intensive products such as clothing, shoes and hats, bags, and toys only totaled 3.94 trillion yuan, accounting for 18.1% of the total. This shows that China's primary export products have shifted from labor-intensive ones to technically more advanced ones, which fully demonstrates a continued improvement in the quality, grades, and added value of export products. 

Second, we expanded the imports and achieved win-win results in international economic and trade cooperation. In 2021, China's imports totaled 17.37 trillion yuan, up 51.2% over 2012. China has become the world's second-largest importer, with the import of advanced technology and equipment, key spare parts, and quality consumer goods continuing to expand, which better meets the needs of production and people's lives. A more open market lets the world share more benefits of China's economic growth and booming consumption sector. 

Third, we diversified our trading partnership and made the global market layout more reasonable. China maintains a stable relationship with the EU, the U.S., Japan, the ROK, and other traditional trading partners. China's foreign trade volume with these countries accounts for 38.3% of the total. At the same time, China is actively expanding cooperation with ASEAN, Africa, Latin America, and other emerging markets. Its share in total trade volume with these countries increased from 22.2% in 2012 to 26.2% in 2021. ASEAN has consecutively been China's largest trading partner for the last two years. In particular, trade between China and countries along the Belt and Road continues to expand, with its share in total trade volume up from 25% in 2013 to 29.7% in 2021. 

Fourth, the number of foreign trade firms registered rapid growth, unleashing more dynamism in market entities. In 2021, the number of companies engaged in foreign trade reached 567,000, including 476,000 private companies and 82,000 foreign-invested enterprises. In terms of foreign trade volume, private companies have become the most important players in China's foreign trade. Their share in foreign trade volume reached 48.6% in 2021, nearly half of the total. Over the past decade, China has continued to create a business-friendly environment at the port, stepped up support to SMEs, and worked to build an environment that is good for all market entities to compete and develop to inspire companies to become more confident and assured in exploring new markets and facilitating their global layout. 

Fifth, we continued to energize a new driving force for foreign trade development and accelerated efforts to create new advantages in competition. Major platforms for opening up have played a significant role. In 2021, imports and exports of comprehensive bonded zones, free trade pilot zones, and the Hainan Free Trade Port grew by 23.8%, 26.4%, and 57.7%, respectively. In terms of new forms and trade models, the scope of cross-border e-commerce and market procurement trade expanded quickly. In 2021, China's trade volumes via cross-border e-commerce totaled 1.92 trillion yuan, up 18.6%. The export volume through market procurement trade increased by 32.1%, demonstrating a rapid growth trend. Thank you.

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