High-end manufacturing products have become the main driver of export growth in east China's Yangtze River Delta as industrial upgrading and technological development continually improve the region's foreign trade structure.
The latest data released by Shanghai Customs showed that in the first 10 months of 2024, the value of imports and exports to and from the Yangtze River Delta reached 13.21 trillion yuan (about 2 trillion U.S. dollars), rising 5.3 percent year on year and accounting for 36.7 percent of the national total.
The export value of automobiles surpassed 274 billion yuan (about 37.89 billion U.S. dollars), increasing by 5.4 percent year over year. The export value of integrated circuits stood at around 374 billion yuan (about 51.72 billion U.S. dollars), marking a 16-percent year-on-year growth. Over the first 10 months, the region exported about 165 billion yuan worth of vessels, growing by 74.6 percent compared with the same period last year, the data showed.
"The export value of high-end manufacturing products such as ships and integrated circuits reached double-digit growth, indicating the upgrading of industrial and technological levels in the Yangtze River Delta region, and the further optimization of regional foreign trade structure. The excellent performance of the region's high-end manufacturing industry and the fast growth of the private economy jointly promote the continuous export growth of the Yangtze River Delta," said Zheng Hao, deputy director of the statistical analysis division of Shanghai Customs.
In the first 10 months, the region's private enterprises imported and exported 7.14 trillion yuan (about 987 billion U.S. dollars) worth of goods, increasing by 8.2 percent year over year, according to the released data.
High-end manufacturing products become main export growth driver of Yangtze River Delta
As the 2024 APEC gathering commences in Lima, Peru, China's deepening partnerships with Latin American nations - bolstered by trade, investment, and the Belt and Road initiative - serves as a key example of the country's commitment to fostering inclusive economic cooperation across the Asia-Pacific region.
Under the overarching theme of "Empower. Include. Grow," APEC Peru 2024 which is running from Nov. 10-16, will bring leaders of its 21 member economies together to set the agenda for the Asia-Pacific region, with trade and investment for inclusive and interconnected growth beiamong the priority areas.
At the APEC media center next to the meeting's main venue, booths promoting new technologies and sustainable development are set up. Organizers say Peru is seeking opportunities to connect the largest markets and insert Peruvian companies in regional and global value chains.
In an opinion article posted on the website of the China Global Television Network (CGTN) last weekend, Peru's Ambassador to China Marco Balarezo wrote that exports to APEC economies represented 68.5 percent of Peru's total international transactions in 2023, and that the Asia-Pacific provides a critical region of opportunities and incorporation in the regional and global supply chains.
Chinese President Xi Jinping will attend this year's APEC Economic Leaders' Meeting and pay a state visit to Peru from Wednesday to Sunday, with this being his sixth visit to Latin America since 2013.
An updated free trade agreement (FTA) between Peru and China, set to be signed during President Xi's visit, is another example of how APEC 2024 will bolster the economy, according to Ambassador Balarezo.
China is Latin America's second-largest trading partner and main source of investment, as well as the top trading partner for many countries in the region including Peru. It has signed Free Trade Agreements with five Latin American economies and established high-quality Belt and Road cooperation with 22 Latin American and Caribbean countries. The cooperation has grown beyond traditional areas like trade, finance, and infrastructure to include newer fields such as energy, the digital economy, and aerospace.
One of the flagship cooperative projects, the China-built Chancay Megaport north of Lima, set to become fully operational shortly after the APEC meeting, is establishing Peru as a gateway for South American trade to Asian markets. Beyond that, Balarezo said Peru invites all APEC enterprises to invest in this near-term endeavor.
Since it started over 30 years ago, APEC has turned into a powerful driver of economic growth and one of the most important forums in the Asia-Pacific region. With 21 member economies, APEC represents around 62 percent of the world's GDP and nearly half of global trade.
APEC is the first regional economic cooperation organization that China joined back in 1991. Experts believe China has accelerated the pace of opening up through APEC cooperation and has provided huge opportunities for economic and trade development in the Asia-Pacific region.
Strengthened China-Latin America ties epitomize APEC's push for inclusive economic cooperation
