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SCIO briefing on China's import and export in first 3 quarters of 2024

0 Comment(s)Print E-mail China.org.cn, November 27, 2024
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China News Service:

In August, the Political Bureau of the CPC Central Committee reviewed the "Policies and Measures to Open Up a New Vista in the Large-scale Development of China's Western Region." Could you please share the foreign trade situation in the western region during the first three quarters of this year? Thank you.

Lyu Daliang:

Thank you for your question. Under the promotion of the coordinated regional development strategy, the western region has adhered to the principle of promoting opening-up through greater openness, and its level of opening-up continues to improve. In the first three quarters of this year, the western region's imports and exports totaled 2.92 trillion yuan, up by 8.9% year on year, showing many positive changes.

First, the growth rate of imports and exports was the highest among all regions. Since the CPC Central Committee made arrangements in 2020 to open up a new vista in the large-scale development of China's western region in the new era, the western region's foreign trade volume has increased significantly, with the annual import and export value surpassing 3 trillion yuan and moving toward 4 trillion yuan, with an average annual growth rate of 8.5%. In the first three quarters of this year, the growth rate of the western region's foreign trade was 3.6 percentage points higher than the national average, and its share of the national import and export total increased to 9%.

Second, the foreign trade industry continued to improve in terms of quality and sophistication. In the first three quarters, the western region exported 1.18 trillion yuan worth of mechanical and electrical products, up by 13.3% year on year, and higher than the national growth rate for similar products. Among them, exports of computers and their components, as well as integrated circuits, grew by 6.7% and 27.2%, respectively, accounting for 30% and 22.7% of the national export value of these products. The western region's exports of the "new trio" grew by 7.9%, and exports of specialized high-tech equipment increased by 32.6%.

Third, business entities have shown strong vitality. In the first three quarters, 36,000 foreign trade enterprises in the western region registered concrete activities in import and export, an increase of 14.6%. Among them, private enterprises performed particularly well, with imports and exports reaching 1.61 trillion yuan, a growth of 12.8% and accounting for 55.4% of the total import and export value in the western region during the same period. Meanwhile, foreign-invested enterprises in the western region saw their imports and exports grow by 9%, a growth rate that also leads other regions.

Fourth, the construction of a new trade corridor is creating a high-speed route for foreign trade. The construction of the New International Land-Sea Trade Corridor has promoted the development and opening-up of regions along its route. In the first three quarters, the western region achieved 513.79 billion yuan in imports and exports through the new corridor, a growth of 15%. This new corridor that crosses mountains and seas is not only a convenient and efficient logistics artery, but also is a vibrant economic and trade corridor.

In August of this year, the Political Bureau of the Party Central Committee deliberated the Policy Measures to Further Open up a New Vista in the Large-scale Development of the Western Region, which has provided direction and set clear requirements for the next steps. The customs authorities will conscientiously implement relevant work arrangements of the Party Central Committee and the State Council, fully support the construction of the New International Land-Sea Trade Corridor, further promote the development of characteristic and advantageous industries in the western region and advance the construction of open platforms, continuously driving high-quality development and high-level opening-up of the western region. Thank you!

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