Innovation opens new doors for country's exports

Updated: Jan 11, 2024 By ZHONG NAN and WANG KEJU CHINA DAILY Print
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Wind power devices for export are produced at a factory in Binzhou, Shandong province. CHU BAORUI/FOR CHINA DAILY

Ming Ming, chief economist at CITIC Securities, said that even though the current global economic landscape is characterized by persistently low levels of exports, consumption and investment demand among major economies, China's export sector has capitalized on its ability to adapt and diversify its product offerings.

Chinese manufacturers have demonstrated agility in identifying emerging market trends and adjusting their production to match them, Ming said.

Peng Bo, a researcher specializing in foreign trade at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said: "It is crucial to recognize the emerging opportunities. China's foreign trade is undergoing a transition from rapid growth to focus on high-quality expansion."

Highlighting the ongoing optimization of the nation's foreign trade structure, the gradual reinforcement of new trade momentum, and the effective implementation of stable foreign trade policies, Peng said technology-intensive green products have emerged as a vital growth driver for China's exports.

At the annual Central Economic Work Conference in Beijing last month, Chinese leaders stressed that among the top priorities for this year, efforts should be made to foster new drivers of foreign trade, consolidate the overall performance of foreign trade and foreign capital, and expand intermediate goods trade, services trade, digital trade and cross-border e-commerce exports.

Gao Lingyun, a researcher at the Institute of World Economics and Politics, which is part of the Chinese Academy of Social Sciences, said traditional exports such as clothing and furniture are being replaced increasingly by high-tech innovations in fields such as new energy and advanced manufacturing.

This shift marks a significant transformation in the export landscape, where cutting-edge technologies and sustainable solutions are moving to the forefront over conventional goods, Gao added.

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