China’s private enterprises have maintained their position as the dominant force in the country’s foreign trade sector for the sixth consecutive year, achieving significant milestones in 2024, according to the General Administration of Customs.
In 2024, the number of private enterprises engaged in import-export activities exceeded 600,000 for the first time, reaching 609,000. These companies also solidified their role as China’s top traders of high-tech products, increasing their share of total high-tech trade by 3 percentage points to 48.5 percent.
For the first time, private firms accounted for more than half of China’s consumer goods imports, with their share rising by 2.8 percentage points to 51.3 percent. This figure surpassed 60 percent in specific categories such as cosmetics and fruit, highlighting their growing influence in the import sector.
Private enterprises continued to lead the nation’s foreign trade, recording transactions worth 24.33 trillion yuan (approximately 3.4 trillion U.S. dollars) in 2024, reflecting an 8.8 percent annual growth. Their contributions accounted for 55.5 percent of China’s total foreign trade value.
Additionally, foreign-invested companies saw trade figures reach 12.8 trillion yuan, marking a 1.5 percent increase, with growth accelerating in the latter half of the year. Meanwhile, state-owned enterprises contributed 6.61 trillion yuan, playing a crucial role in the import of strategic commodities such as grain and energy resources.
By the end of 2024, the total number of enterprises engaged in import-export activities, including private, foreign-invested, and state-owned firms, reached an all-time high of nearly 700,000.
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