Private enterprises boost China's foreign trade by innovation

China's private enterprises have won international market and boosted the rapid growth of the country's foreign trade by constantly innovating and tapping potential to enhance new competitive advantages of products in the first 10 months of the year, according to data released by the General Administration of Customs (GAC) on Sunday.

In Liaoyuan City, northeast China's Jilin Province, a company specialized in aluminum products, has been busy producing aluminum alloy rail car body.

The body parts it produced could withstand a wind resistance pressure as strong as 129 km/h and bear the temperature range from -40 to 40 degrees Celsius.

The company has reaped over 600 million yuan (about 93.77 million U.S. dollars) overseas orders this year thanks to its world-leading innovative technology.

"Our total research and development investment this year has exceeded 60 million yuan (about 9.38 million U.S. dollars), up about 32 percent from the same period last year. At present, we have 47 independent research and development patents. Our products take more than 90 percent share in domestic export," said Jin Fengxiao, director of the company.

Chinese private enterprises have continued to improve the added value of products by continuously investing in innovative research and development and providing customized Functions.

The import and export of high-tech products in Jilin Province alone has increased for 10 consecutive months on a year-on-year basis.

"The export of high-tech and high value-added products in Jilin province is growing strongly. The export of some high-quality and high value-added products, such as electronic components and electrical equipment, has become a new growth point in foreign trade," said Zhang Jun, deputy director of the Customs Office in Changchun City.

According to customs statistics, the import and export of private enterprises reached 15.31 trillion yuan, up 28.1 percent year-on-year in the first 10 months of the year, accounting for 48.3 percent of China's total foreign trade, up 2.2 percentage points compared with the same period last year.

"In the first 10 months, the contribution rate of import and export of private enterprises to China's foreign trade growth reached 58.4 percent, playing a prominent role in driving the overall growth. With the continuous improvement of the innovation ability of private enterprises and the continuous development of overseas markets, their strong impetus and great potential are being further highlighted, which effectively enhances the endogenous impetus and development vitality of China's foreign trade," said Li Kuiwen, director of Department of Statistics and Analysis, under the General Administration of Customs.