Keqiao, a district in Shaoxing, Zhejiang Province, is home to over 8,000 textile companies. There, a wave of international "customized apparel" has recently gained momentum, and Shaoxing Boya Apparel Co. Ltd. is jumping on the trend. Traditionally profitable through the large-scale export of suits, the company has now pivoted to meet increasingly diverse demand by embracing cross-border made-to-measure customization.

To tackle the challenges of cross-border measurements, the company developed a photo-based app. Customers simply upload three photos taken with their smartphones and the system automatically collects data to generate a tailored design. The company also automated the entire process from product selection and ordering to production. Its daily order processing has surged from 100 sets to 350.

The traditional textile industry has been revitalized in this way. In 2024, textile exports from Keqiao surpassed 115 billion yuan ($16 billion), accounting for over 70 percent of the region's total overseas shipments.

"The adaptability of China's foreign trade entities has strengthened the resilience of China's foreign trade," Liang Ming, Director of the Institute of International Trade, which is part of the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce, told state broadcaster China Central Television. "This has allowed China to better respond to the latest demand and shifts in international markets, fostering steady growth in volume alongside an improvement in the quality of its foreign trade." 

According to the statistics released by the General Administration of Customs of China (GACC) on January 13, China's import and export value reached 43.85 trillion yuan ($6 trillion) in 2024, a 5-percent year-on-year increase, a new historical high.

Purchasing from China 

According to the latest statistics from the World Trade Organization, in the first three quarters of 2024, China's exports and imports accounted for 14.5 percent and 10.5 percent of the global market share, respectively. This further solidifies China's position as the world's largest trading nation in goods.

Last year, China's foreign trade growth reached 2.1 trillion yuan ($289 billion), equivalent to the annual foreign trade volume of a medium-sized country.

In terms of quality, the country's foreign trade in 2024 was characterized by a more optimized structure, new growth drivers, stronger players, and a broader network of partners.

"The continuous optimization of domestic industrial structure has provided new momentum for goods exports," Nie Pingxiang, a researcher with the Chinese Academy of International Trade and Economic Cooperation, told Beijing Review.

The ongoing upgrading of the electromechanical industry, the rise of domestic brands, the growing global demand for green products such as new-energy vehicles (NEVs), the rapid expansion of digital trade, and the driving force of high-level opening-up platforms, such as comprehensive bonded zones and free trade zones (FTZs), have all provided sustained momentum for the country's goods exports, Nie said.

NEVs refer to vehicles completely or mainly driven by new energy sources, including battery electric vehicles, plug-in hybrid vehicles, and fuel-cell vehicles.

According to the GACC, in 2024, exports of electromechanical products grew by 8.7 percent, accounting for 59.4 percent of the total export value; exports of lithium-ion batteries reached 3.91 billion units, setting a new historical high; cross-border e-commerce imports and exports reached 2.63 trillion yuan ($362 billion), a 10.8-percent growth; the total import and export value of FTZs reached 8.45 trillion yuan ($1.2 trillion), growing by 10 percent.

In 2024, China had import and export transactions with nearly all countries and regions in the United Nations' statistical grouping, involving a nearly record 700,000 domestic enterprises. Compared to 2023, the number of export partners increased by one, while the number of import partners grew by four, with trade growth achieved with over 160 partners.

High-quality cooperation under the China-proposed Belt and Road Initiative (BRI), which aims to boost connectivity along and beyond the ancient Silk Road routes, has driven the expansion of cooperation between China and participating countries, broadening the scope, deepening the levels of collaboration, and providing greater space for China's goods exports, Nie said.

China's import and export volume with BRI participants grew by 6.4 percent in 2024, accounting for 50.3 percent of the country's total trade, and the first time it has surpassed 50 percent, according to the GACC.

Nie added that the introduction of new policies to stabilize foreign trade has also boosted the capacities of domestic importers and exporters to overcome challenges from market uncertainty and other risks.

Investing in China 

At the beginning of 2025, construction began at the new greenhouse site of Anthura, a Dutch horticultural company in Kunming, Yunnan Province. The company plans to expand its production capacity and introduce new flower varieties in the upgraded facility. 

Founded in 1995, the company introduced the anthurium plant to China, quickly capturing 90 percent of the market. In 2006, it established a subsidiary in Kunming. Today, as China deepens its trade partnerships globally, Anthura China's business has expanded beyond Chinese borders, with clients now spanning countries such as the Republic of Korea, India and Viet Nam.

The growing network of free trade agreements, along with improvements in transportation infrastructure, has made it easier for Anthura China's flowers to reach international markets. This year, Anthura plans to further increase its investment in the country.

China's stable macroeconomic growth, vast market size, advanced infrastructure, well-established industrial system, ongoing efforts to promote high-level openness and comprehensive investment promotion services have all created a favorable development environment for foreign-funded enterprises, Nie said.

According to the statistics released by the Ministry of Commerce on January 17, 59,080 new foreign-invested firms were established across China in 2024, an increase of 9.9 percent year on year, while paid-in foreign direct investment (FDI) in the Chinese mainland totaled 826.25 billion yuan ($115 billion).

Although the scale of FDI decreased by 27.1 percent year on year, overseas capital inflows remained strong in some sectors, with those in medical instruments and equipment manufacturing, professional technical services, and computer and office equipment manufacturing, rising by 98.7, 40.8 and 21.9 percent, respectively. This reflects China's strong appeal for high-quality foreign capital, according to Nie.

Currently, China has fully removed foreign investment restrictions in the manufacturing sector. By advancing the opening up of its service sector, particularly the implementation of pilot programs in the fields such as telecommunications, healthcare and education, the country is poised to attract even more foreign investment.

A survey released by the China Council for the Promotion of International Trade on January 17, revealed that over 80 percent of the 400 foreign-funded enterprises surveyed—67 percent of which were small and micro firms, with 87 percent from developed countries or regions—rated China's business environment as "satisfactory or better."

In the 10 evaluation indicators, the satisfaction rates for three key areas—obtaining business premises, completing business closure procedures, and resolving commercial disputes—exceeded 90 percent.

China will drive deeper integration into the global economy through high-level opening up, enabling more economies to share in the new opportunities created by its high-quality development, Nie concluded. BR

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China's Foreign Trade in 2024 

(All growth rates are y.o.y.; 1 yuan=$0.14 as of January 22)

Total: 43.85 trillion yuan, up 5%

Exports: 25.45 trillion yuan, up 7.1%

Imports : 18.39 trillion yuan, up 2.3%

(Source: General Administration of Customs of China)

China's Foreign Direct Investment (FDI) in 2024

(All growth rates are y.o.y.)

Number of new foreign-invested firms: 59,080 up 9.9%

Paid-in FDI: 826.25 billion yuan,

down 27.1%

(Source: Ministry of Commerce)

Copyedited by Elsbeth van Paridon 

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