China Economy: Ministry of Commerce says China's foreign trade hit new highs, drew more investment in 2024
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Turning to China where the Ministry of Commerce say domestic consumption saw steady growth in 2024. Progress was also made in foreign trade and investment, and the country has had fruitful results in multilateral trade partnerships. CGTN reporter Dai Kaiyi has more. 

China's goods imports and exports grew 5% in 2024, hitting a historical high. Its services trade is also expected to reach record levels.

LI YONGJIE, Deputy China International Trade Representative "The structure of foreign investment in China continues to optimize. We have been continuously easing market access, removing all restrictions in the manufacturing sector. Foreign investment in high-tech manufacturing now accounts for 11%, and pilot programs to open up sectors like telecommunications and healthcare are ongoing, with multiple projects currently under negotiation or in progress."

Li also noted stable growth in China's outbound investment, with non-financial direct investment and newly signed contracts for overseas projects both up by over 10% in the first 11 months. Trade cooperation under the Belt and Road Initiative continues to deepen.

DAI KAIYI, Beijing "China's Ministry of Commerce also highlighted the progress made in growing trade partnerships, with key agreements reached through the G20, APEC, BRICS, and the SCO. Free trade partners now account for over one-third of China's total trade volume. Dai Kaiyi, CGTN, Beijing."