Private firms lead China’s imports, exports for first time

BEIJING (XINHUA) – Private firms overtook foreign-funded enterprises as the biggest contributor of China’s foreign trade for the first time in 2019, customs data showed yesterday.

The aggregate imports and exports generated by China’s private firms went up 11.4 per cent year-on-year to CNY13.48 trillion (about USD1.95 trillion). The number accounted for 42.7 per cent of the country’s total, up 3.1 percentage points from 2018, according to the General Administration of Customs.

In breakdown, private firms’ exports rose by 13 per cent to CNY8.9 trillion, taking up 51.6 per cent of China’s total exports in 2019, while their imports expanded by 8.4 per cent to CNY4.58 trillion, making up 32 per cent of the country’ total imports.

Foreign-invested companies took up 39.9 per cent of China’s foreign trade, with the trade volume falling 3.2 per cent to CNY12.57 trillion.