Beijing: China’s private enterprises maintained their position as the primary drivers of the country’s foreign trade for the sixth consecutive year, achieving significant milestones in 2024, according to the General Administration of Customs.
According to Lao News Agency, the number of private enterprises engaged in import-export activities exceeded 600,000 for the first time, reaching a total of 609,000. These enterprises also emerged as China’s largest traders of high-tech products, capturing 48.5 percent of the total high-tech trade, marking a 3 percentage point increase from the previous year.
Furthermore, for the first time, private firms accounted for more than half of China’s consumer goods imports. Their share rose by 2.8 percentage points to 51.3 percent, surpassing 60 percent in categories like cosmetics and fruit.
In 2024, Chinese private enterprises conducted foreign trade transactions totaling 24.33 trillion yuan (approximately 3.4 trillion U.S. dollars), representing an 8.8 percent year-on-year increase and contributing 55.5 percent to the country’s total foreign trade value.
In contrast, foreign-invested companies recorded 12.8 trillion yuan in trade, marking a 1.5 percent increase, with growth accelerating in the latter half of 2024. State-owned enterprises contributed 6.61 trillion yuan, playing a crucial role in importing strategic commodities such as grain and energy resources.
Overall, the total number of companies involved in import-export activities across private, foreign-invested, and state-owned sectors reached a new high of nearly 700,000 in 2024.