Title: “China’s “Three New” Foreign Trade Exports Drive Economic Development”
Date: August 6, 2023
In a welcome development for China’s economy, the “three new” foreign trade exports have emerged as a formidable engine for economic growth. This surge in trade has been particularly notable with the exports of electric passenger vehicles, lithium batteries, and solar cells, overshadowing the traditional exports of clothing, furniture, and home appliances.
The Yangtze River Delta region, encompassing Shanghai, Jiangsu, Zhejiang, and Anhui provinces, contributes nearly 40% of the country’s total import and export value. Within this region, the export of the “New Three Products” has witnessed significant growth. In the first half of this year, the export value of electric passenger vehicles from Shanghai port was reported at 247.8 billion yuan, marking a remarkable year-on-year increase of 74.7%. Jiangsu’s “three new” products exceeded 100 billion yuan in total export value, with electric passenger vehicles witnessing an astonishing 500% growth. Similarly, Zhejiang witnessed export increases of 105.5%, 71.8%, and 22.9% for electric passenger vehicles, lithium batteries, and solar cells respectively. Anhui’s “three new” products saw a year-on-year growth of 51.7% amounting to 21.93 billion yuan in total exports.
The Guangdong-Hong Kong-Macao Greater Bay Area has also experienced a driving effect from the “new three items.” In the first half of this year, Guangdong’s export scale surpassed 2.5 trillion yuan for the first time, establishing a historical record. Notably, the export of electric passenger vehicles, lithium batteries, and solar cells soared by 7 times, 27.7%, and 57% respectively. With a special focus on the new energy vehicle industry, the Greater Bay Area has emerged as a hub for the national lithium battery industry.
The improvement and upgrading of China’s foreign trade, especially in the realm of mechanical and electrical products, is evident through the success of the “three new items.” Shi Yonghong, vice president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, highlights the complete industrial and supply chain system present in the Yangtze River Delta region. This region is well-equipped to meet the demands of the “three new items,” enabling the rapid growth and advancement of these industries and allowing China to seize a competitive edge in the market.
As China continues to navigate a rapidly changing global trade landscape, the success of the “three new” foreign trade exports offers promising prospects for economic development and positions the nation as a major player in the international market.
Source: CCTV
Author: Guan Pengwei
Editor: Guan Pengwei