Foreign trade growth to help advance opening-up

Foreign trade will remain pivotal to China's economic performance in 2026, as policymakers and exporters prioritize industrial upgrade, high-standard opening-up and market diversification as key growth drivers, government officials and economists said on Monday. Speaking ahead of the annual Central Economic Work Conference, they noted that as global demand stabilizes and China's export profile shifts further toward high-value and green products, its foreign trade sector remains well-positioned to propel economic growth, bolster supply chain security and advance the development of new quality productive forces. Usually convened in December to set the policy tone for the following year, the high-level meeting is closely watched by the international business community, as it outlines the country's annual macroeconomic priorities and major reform tasks. China's foreign trade rose to 41.21 trillion yuan ($5.83 trillion) in the first 11 months of 2025, up 3.6 percent year-on-year, while its exports grew 6.2 percent on a yearly basis to 24.46 trillion yuan, according to data released by the General Administration of Customs on Monday. The trend has reinforced expectations that China will further advance high-standard opening-up. Minister of Commerce Wang Wentao said that China will take further steps to expand its opening-up on its own initiative, aligning with high-standard international economic and trade rules while accommodating its own development needs. In a signed article published on Monday in People's Daily, Wang said the government will promote innovation in trade, improve the quality and efficiency of foreign trade, and accelerate the country's transition toward becoming a strong trading nation. Efforts will focus on upgrading goods trade, expanding intermediate goods and green trade, advancing digital trade, and fostering new drivers of foreign trade growth. China will also work to diversify markets and better integrate domestic and foreign trade, he added. The commerce minister's remarks came as China's latest trade data pointed to steady gains. Lyu Daliang, director of the GAC's department of statistics and analysis, said that as of November, China's trade in goods had posted year-on-year growth for 10 consecutive months, underscoring the continued resilience and dynamism of the country's foreign trade. "China has upheld an approach of openness, cooperation and mutual benefit, while steadily expanding two-way trade with its partners," said Lyu, adding that the country recorded simultaneous growth in both exports and imports with more than 110 countries and regions in the first 11 months, an increase of over 20 compared with the same period last year. Louise Loo, head of Asia Economics at British think tank Oxford Economics, said that China's exports have remained resilient this year. This strength reflects the resilience gained from the country's ongoing shift in export structure — from supplying consumer goods to Western markets to providing intermediate goods for emerging economies — alongside the steady expansion of higher value-added product segments where Chinese manufacturers retain a cost advantage. "These suggest Chinese inputs have been further embedded into global supply chains," said Loo. "While a more tentative global demand environment may pull down goods exports, we expect they will stay as a relatively bright spot of the Chinese economy." Robin Xing, chief China economist at Morgan Stanley, said that China will maintain its strong share in global exports, supported by its integrated and cost-effective supply chains and growing tech prowess. "The demand from the United States will remain steady next year, particularly with investments in the booming artificial intelligence sector. That will not be bad news for the world and for China, and will support part of China's exports," he said. In addition to boosting exports, China will continue opening its vast market to foreign companies and expanding imports, benefiting the global economy and sharing growth opportunities with international partners. Wang, the minister, stressed in his article that China will continue to expand market access for foreign players, with the services sector's further opening being a key policy focus. The government will study and advance new pilot programs to further open areas such as telecommunications and healthcare, promote the orderly expansion of self-initiated opening-up in services, and deepen the comprehensive pilot program for expanding opening-up in selected locations, he said. Seeking to benefit from China's opening-up measures and dynamic market environment, Swiss technology company ABB Group plans to invest more in its electrification business within the country over the next five years. "China is a place where we must be present," said Sergio Silvestri, senior vice-president for smart power Asia of ABB Electrification, noting that China's open and rapidly evolving market, rich...

Foreign trade growth to help advance opening-up

Continue Reading on China Daily

How do you feel about this article?

📝 Article Information

Author

Original Publisher

Published Date

Disclaimer

Foreign trade growth to help advance opening-up

Continue Reading on China Daily

How do you feel about this article?

📝 Article Information

Author

Original Publisher

Published Date

Disclaimer

More from China Daily