Steady Growth in Trade and Domestic Spending Fuels Momentum
China’s economy is flexing its muscles this year, with foreign trade and domestic consumption driving steady growth. According to Li Yongsha, deputy international trade negotiator at China’s Ministry of Commerce (MOFCOM), the country’s business activities are advancing with a focus on high-quality development, contributing positively to the national economy. 🛍️
Retail Sales and Trade Numbers Speak Volumes
Consumer spending remains resilient, with total retail sales hitting 23.6 trillion yuan ($3.3 trillion) in the first half of 2024—a 3.7% year-on-year jump. Meanwhile, foreign trade is thriving: goods imports/exports rose 6.1%, while services trade surged 14%. Combined, these sectors contributed nearly 14% to economic growth. 🌐
Investors Bet on China’s Future
Overseas investors are doubling down, with foreign non-financial direct investment soaring 19.5% to 516 billion yuan. Over 27,000 new foreign-funded businesses were established, and MOFCOM’s forums with global firms aim to streamline the business environment. A survey of 16,000 key foreign trade companies revealed that 70%+ expect export growth in 2024. 💼
What’s Next?
MOFCOM plans to expand reforms in foreign trade and investment systems, boosting institutional openness to support China’s modernization goals. As Li put it, this progress isn’t just about numbers—it’s about sustainable momentum. 🚀
