China’s private enterprises have once again solidified their position as the leading category of foreign trade operators in the country, achieving remarkable milestones in 2024, as reported by the General Administration of Customs.
In a significant development, the number of private enterprises engaging in import-export activities has surpassed 600,000 for the first time, reaching 609,000 last year. This surge underscores the growing influence of private firms in the national economy.
Chinese private enterprises have also emerged as the largest traders of high-tech products, with their market share increasing by 3 percentage points to 48.5% of total high-tech trade in 2024. This trend highlights the pivotal role that private companies play in advancing China’s technological capabilities and global competitiveness.
For the first time, private firms accounted for over half of China’s consumer goods imports, with their share climbing 2.8 percentage points to 51.3%. Notably, this figure exceeds 60% in specific categories, such as cosmetics and fruit, indicating a robust demand for consumer products.
In total, Chinese private enterprises led the country’s foreign trade with transactions amounting to 24.33 trillion yuan (approximately 3.4 trillion U.S. dollars) last year. This represents an 8.8% year-on-year increase, contributing 55.5% of the country’s total foreign trade value.
In comparison, foreign-invested companies recorded 12.8 trillion yuan in trade, marking a 1.5% increase, with notable momentum building in the latter half of 2024. State-owned enterprises also played a crucial role, contributing 6.61 trillion yuan to foreign trade, particularly in the import of strategic commodities such as grain and energy resources.
The total number of companies engaged in import-export activities across private, foreign-invested, and state-owned sectors has reached a record high of nearly 700,000 in 2024. This growth reflects the dynamic nature of China’s foreign trade landscape and the increasing participation of diverse enterprises in global commerce.
As China continues to navigate the complexities of international trade, the achievements of its private enterprises highlight their critical role in driving economic growth and enhancing the country’s competitive edge on the world stage.
