China's foreign trade has hit a record high. In 2024, the total value of foreign trade reached nearly 44 trillion yuan, about 6-point-1-trillion US dollars, up 5-percent year on year. Private enterprises also contributed more than 55-percent of China's overall foreign trade value. Xu Hua reports from the southern manufacturing hub Shenzhen to find out what's behind the growth.
XU HUA Licheng Sci-tech Industrial Park, Shenzhen "The number of foreign trading companies in China has reached nearly 700,000, with private enterprises surpassing 600,000 for the first time and driving growth in foreign trade."
In one of Shenzhen's industrial parks, the increase in overseas orders is clear from the bustling transportation of products.
Xu Hua: "Hi, Mr. Liu. Where is this container heading to?"
Steve Liu: "Hi Ms. Xu. This container is heading to Sweden."
Xu Hua: "How many containers have been exported this week?"
Steve Liu: "This week we totally loaded about 15 containers for countries including Sweden, South Korea, and also Peru."
Last year, Shenzhen's foreign trade topped 4-point-5-trillion yuan, or 620 billion US dollars, returning to first place among mainland cities after nine years.
Exports for Mr. Liu's company jumped from 56 million yuan, or 7.8 million US dollars in 2020, to 160 million yuan, or 22 million US dollars in 2024, thanks to its focus on research and development.
STEVE LIU Chairman, CINO Technology (Shenzhen) Limited "Every year we invest more than 10 million yuan in R&D."
And the company's digital transformation has also played a vital role.
STEVE LIU Chairman, CINO Technology (Shenzhen) Limited "The digital system include the ERP (Enterprise Resource Planning), SRM (Supplier Relationship Management), and the MES (Manufacturing Execution System). So this one is a MES system. From this one, we can check all the production steps, all the data from here."
Known as China's "First City of Industry," Shenzhen possesses all 31 major categories of manufacturing, providing enterprises with a competitive edge due to its robust supply chain.
STEVE LIU Chairman, CINO Technology (Shenzhen) Limited "Before, we only import this one is made in Italy. But now in the 2 years ago, we beginning to developing our own. So we use this way to balance the risk."
Over the past year, Shenzhen has introduced multiple incentive measures aimed at further stimulating the vitality of private enterprises.
PANG ZHAO Section Chief, Shenzhen Customs District "In the past year, we have innovatively implemented ERP-based intelligent networking supervision, introduced measures such as the Fujian-Guangdong-Hong Kong Single E-lock scheme, as well as airport intelligent logistics transfer, to help enterprises reduce costs and increase efficiency."
Last December, a draft law aimed at further developing the private sector was submitted to China's top legislature for deliberation, with the aim of promising a more open business environment in future. Xu Hua, CGTN, Guangdong Province.