Trade, opening-up surging over years(3)

According to data released by the General Administration of Customs in July, China has upheld its position as the world's top trading nation for the seventh consecutive year, and solidified its status as a major trading partner with over 150 countries and regions.

China's stable export market share illustrates the country's prowess in delivering quality products that are highly sought after in the international market, said Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics.

Leveraging its integrated production and supply chain advantages alongside a culture of sustained innovation, China has garnered global acclaim for its diverse range of high-quality and high-tech offerings, Sang said.

Last year, the cumulative export value of the "new trio" — electric passenger cars, lithium-ion batteries and solar cells — surpassed 1 trillion yuan for the first time, representing a 29.9 percent rise from the previous year, as shown by data from the administration.

Meanwhile, embracing its colossal market scale advantage, China's imports have not only fueled its own economic growth, but also served as a robust driving force for the development of economies around the world, said Liang Ming, director of the Institute of International Trade, which is part of the Chinese Academy of International Trade and Economic Cooperation.

Over the years, China has been implementing import expansion policies including reductions in tariffs on a wide range of products, streamlining of Customs clearance procedures, and increased support for foreign companies seeking to access the Chinese market, Liang said.

China's import volume has remained the second-largest in the world for years, according to Customs data. The country's total imports have grown from 11.49 trillion yuan in 2012 to 17.99 trillion yuan in 2023.