Aug 27, 05:40 AM

China’s $1.2 Trillion Trade Surplus and $512.4 Billion SCO Trade Highlight 14th Five-Year Plan Progress

During a recent press conference, the head of China's General Administration of Customs highlighted key aspects of the nation's trade performance throughout the 14th Five-Year Plan period (2021-2025). China has ranked among the top three trading partners for 157 countries and regions worldwide and signed 519 cooperation documents between Chinese customs and foreign counterparts. The country’s goods trade surplus reached a record $1.2 trillion, while its cumulative 12-month manufacturing surplus hit $2 trillion, surpassing the largest surpluses ever posted by Germany and Japan. In 2024, China’s trade with Shanghai Cooperation Organization (SCO) member states stood at approximately $512.4 billion, marking a 2.7% year-on-year increase. Chinese officials emphasized plans to enhance communication and cooperation with SCO members to uphold the multilateral trading system’s authority and effectiveness. Additionally, China intends to upgrade special customs supervision areas, advance international customs cooperation, and boost innovation in services trade. New policies aimed at increasing spending in the services sector are expected to launch in September 2025. The government also plans to expand pilot programs and promote opening-up in new sectors, ensuring foreign-invested businesses receive equal treatment as domestic companies. Ports such as Qingdao and Tianjin have played key roles in strengthening multilateral trade cooperation among SCO countries, supporting China’s position as a builder of international platforms for trade in services amid rising global protectionism.

#China #General Administration of Customs #Chinese #Germany #Japan #Shanghai Cooperation Organization #SCO #Qingdao #Tianjin

Written with ChatGPT (GPT-4).

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