China makes notable progress in trade, economic cooperation in past 70 years

BEIJING (Xinhua) – China has made remarkable progress in foreign trade and economic cooperation in the past 70 years thanks to its opening-up policy, according to a report from the National Bureau of Statistics (NBS).

China’s total goods imports and exports in 2018 reached USD4.6 trillion, expanding 223 times from those in 1978, and a huge jump from the USD1.13 billion recorded in 1950.

As a champion of multilateral trading system, China has been committed to the promotion of trade and investment liberalisation and facilitation. Multilateral economic and trade relations and regional economic cooperation have seen rapid development, particularly in the joint construction of the Belt and Road, the report said.

The materialised non-financial Foreign Direct Investment (FDI) reached USD135 billion in 2018, increasing 146 times from that in 1983 with an annual growth rate of 15.3 per cent.