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    Canton Fair's success shows China's trade is good for other countries' industrialization

    By Zhong Nan and Wang Keju | China Daily | Updated: 2024-05-03 07:14
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    China-made vehicles await loading for export in Yantai, Shandong province. TANG KE/FOR CHINA DAILY

    Moreover, these efforts strengthen the resilience and stability of both regional and global industrial and supply chains, she said.

    China's foreign trade grew by 5 percent year-on-year to 10.17 trillion yuan in the first quarter, with exports rising 4.9 percent year-on-year to 5.74 trillion yuan, statistics from the General Administration of Customs showed.

    Market watchers said that China's foreign trade is expected to continue its uptrend in the second quarter, maintaining a growth trajectory through the first half of the year.

    They highlighted that the country's trade progress is underpinned by a robust industrial foundation, fast-growing technology, tech-intensive green product industries, improved innovation capabilities, numerous free trade agreements and tangible development spawned by the Belt and Road Initiative.

    Chen Bin, deputy director of expert committee at the Beijing-based China Machinery Industry Federation, said that China's export portfolio has shown robust performance in machinery and electronics, as well as labor-intensive products, underscoring their sustained international appeal.

    Meanwhile, the steady increase in imports of bulk commodities and consumer goods reflects a vibrant and expanding domestic market demand, said Chen.

    "The global demand for Chinese engineering machinery stems from their reliability, durability and performance, coupled with timely after-sales support," he said. "These machines are highly sought after globally and frequently used in major construction projects abroad."

    For instance, Chinese manufacturers often design trucks that are well suited to the varied and often harsh road conditions in certain African countries. These vehicles are capable of handling rough terrain, which is common in many parts of Africa, Southeast Asia and Latin America, said Chen Shihua, deputy secretary-general of the China Association of Automobile Manufacturers in Beijing.

    Zhang Xiaotao, dean of the School of International Trade and Economics at the Central University of Finance and Economics in Beijing, however, noted that China's foreign trade faces pressure due to the restructuring of the global value chain.

    While exports to developed economies have declined, those to Japan and South Korea have remained relatively stable, and there has been an increase in exports to developing economies, including countries in Africa, the Middle East, Central Asia and the member economies of the Association of Southeast Asian Nations, he said.

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