While there are ongoing internal and external challenges, experts believe China's foreign trade is well-positioned for stable growth in the final quarter, buoyed by the increasing competitiveness of its products and robust policy support.
Exports continue to be a key engine of China's economic expansion, with expectations that strong growth in the fourth quarter will help ensure overall economic stability, experts said.
During the first three quarters, China's exports totaled 18.62 trillion yuan, a 6.2 percent year-on-year rise, while imports grew by 4.1 percent to 13.71 trillion yuan, the GAC announced.
"Overall, China's foreign trade remained stable, with both exports and imports increasing," said Wang Lingjun, deputy head of the GAC, during a press briefing. He added that although domestic and international conditions are becoming more complex, the core strengths of China's economy, such as its vast market and resilience, remain intact.
Zhou Maohua, an economist at China Everbright Bank, noted that China's foreign trade performance in the first three quarters exceeded expectations, offering solid support to economic growth amid a challenging global landscape.
There were several notable highlights in China's trade data for the first three quarters. Trade with Belt and Road Initiative partners reached 15.21 trillion yuan, making up 47.1 percent of total foreign trade. Trade with members of the Regional Comprehensive Economic Partnership grew by 4.5 percent, while trade with the Association of Southeast Asian Nations jumped by 9.4 percent.
China's private companies were major contributors, with an import and export volume of 17.78 trillion yuan, a 9.4 percent increase year-on-year. These firms contributed 93.8 percent of China's overall trade growth, injecting fresh energy into the country's foreign trade development.
China's exports of electric vehicles, lithium batteries, and photovoltaic products – often referred to as the "new three" – totaled 757.83 billion yuan, accounting for 4.1 percent of total exports.
In response to trade protectionist measures by some countries, Lü Daliang, a GAC spokesperson, criticized tariffs on Chinese products as unfair, arguing that these exports not only ease global inflation but also contribute significantly to international efforts against climate change.
Addressing concerns over China's growing trade surplus, Wang emphasized that the country does not aim to achieve a trade surplus, attributing the recent increase to factors such as improved industrial competitiveness and a decline in global commodity prices.
Li Yong, a senior research fellow at the China Association of International Trade, said the strong trade figures reflect China's rising competitiveness, helping it navigate external pressures like the decoupling efforts by the U.S. Despite these challenges, demand for Chinese products remains strong across many regions.
Notably, China's trade with the U.S. grew by 4.2 percent, while trade with the EU increased by 0.9 percent, according to GAC data.
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