On October 14, Deputy Commissioner Wang Lingjun of the General Administration of Customs shared significant updates regarding China’s foreign trade during a press conference held in Beijing. According to Wang, private enterprises have shown remarkable performance in the first three quarters of this year, with imports and exports totaling 17.78 trillion yuan—a 9.4% increase. Notably, this growth rate surpasses the national average by 4.1%, contributing a staggering 93.8% to the overall growth of foreign trade.
When asked about the characteristics and highlights of private enterprises’ imports and exports this year, and how customs plans to support their involvement in international competition, Wang highlighted the flexibility and adaptability of private businesses. He noted that these companies play a crucial role as a “vanguard” in market expansion and order acquisition, significantly aiding market diversification. For example, in the first three quarters, private enterprises increased their exports to ASEAN, Africa, and Latin America by 12%, 6.4%, and 13.9%, respectively, enhancing their share of trade with these regions to 62%, 61.1%, and 54.2%.
Wang further elaborated that private enterprises are ramping up equipment upgrades to foster innovation. In the first three quarters, they imported production equipment worth 203.82 billion yuan, marking a 31% increase and accounting for 51.6% of the total imports in that category. This includes significant imports of semiconductor manufacturing and high-end machine tools, representing 67.9% and 43.7% of their respective categories. This push for innovation is yielding results, as exports of high-tech products from private enterprises surged by 14%, with their share of total high-tech exports now at 52.7%, up by 4.4 percentage points. Key sectors such as shipbuilding, aerospace, and electronic information products saw exceptional growth rates of 94%, 37.2%, and 17.5%.
As the industry evolves, Wang pointed out that private enterprises are shifting from mere production to creating self-branded products. For instance, in the first three quarters, the proportion of self-branded solar cells, lithium batteries, and textile machinery exported by private enterprises reached 83.4%, 71.7%, and 57.6%, respectively. Alongside brand development, there is a strong emphasis on integrity, with 2,411 private enterprises obtaining the Advanced Authorised Economic Operator (AEO) certification. This globally recognized “golden card” positions them for expanded opportunities in foreign trade.
Wang concluded by mentioning that the draft for the Private Economy Promotion Law is currently seeking public input. The General Administration of Customs is closely monitoring developments and actively engaging with enterprises to discuss policies, address challenges, and gather feedback. This proactive approach aims to deliver practical policy measures to enhance regulatory efficiency and service quality, ultimately helping businesses stabilize expectations, expand markets, and boost confidence.
