China’s Foreign Trade up 23.7 Percent in First Eight Months

China’s total imports and exports expanded 23.7 percent year on year to RMB 24.78 trillion in the first eight months of the year, data from the General Administration of Customs showed. The double-digit trade growth owed a lot to the country’s effective epidemic control and steady economic growth.

Private enterprises witnessed the fastest growth in trade, accounting for 48.1 percent of the country’s total.

During the same period, 427,000 private enterprises registered import and export performance, an increase of 9 percent year-on-year. These private enterprises, especially a group of specialized small and medium-sized ones, are very active and adaptive in foreign trade, contributing greatly to the increasing vitality of China’s foreign trade development.

In the first eight months, China’s imports and exports to major trading partners, including ASEAN, the EU, and the U.S., all increased, and its trade with countries along the Belt and Road is up 24.6 percent.

Amid the pandemic, China’s expanding opening-up is helping boost trade, contributing to the stability of the global industrial and supply chains, and bolstering the recovery of the world economy.