China's central bank makes bold move to combat economic crisis

In 2024, China's total value of goods trade reached 39.79 trillion yuan ($5.6 trillion), marking a year-on-year increase of 4.9% during the January-November period. This impressive figure underscores the significant role of 'Made in China' products in global industrial and supply chains, highlighting China's resilience and capability in international trade. Exports of mechanical and electrical products grew by 8.4%, with integrated circuits seeing a remarkable increase of 20.3% compared to the previous year. The growth is supported by various factors, including a boost from the Belt and Road Initiative (BRI) and a notable increase in trade with ASEAN countries by 8.6%. Innovations such as cross-border e-commerce and new trade models, particularly for traditional labor-intensive products, have led to enhancements in trade efficiency. China's transition toward more sustainable and innovative foreign trade practices indicates its commitment to improving international relations and boosting its economy. Notably, Chinese foreign trade has been characterized by an increased focus on green and intelligent solutions, leveraging technological advancements to adapt to complex global dynamics. This shift transforms China's cost advantages into systematic benefits, positioning the country as a pivotal player in maintaining stability in the global supply chains. The response to challenges faced in the global trade ecosystem shows that China is actively contributing to global trade growth, benefiting not only its economy but providing opportunities for partner countries as well. From high-quality agricultural imports from various nations to strategic financial initiatives, China's ongoing push for a more open economy illustrates how it looks to enhance connections with developing regions. Beginning in December, the country implemented zero-tariff treatment for various tariff lines in relation to least developed countries that maintain diplomatic ties with China. Efforts such as building new land-sea corridors signal China's intent to create a mutually beneficial trade environment, establishing itself as a vital connector in the global economy.