China's economic, social progress in 2023: Steady growth in foreign trade scale with quality improvement

The year 2023 was the first year to fully implement the guiding principles of the 20th National Congress of the Communist Party of China and a year for economic recovery and development following three years of COVID-19 prevention and control. China has taken solid strides in building a modern socialist country in all respects.

On foreign trade, despite multiple risks and challenges such as sluggish external demand, China’s total trade in goods hit 41,756.8 billion yuan, up 0.2 percent year on year, showcasing a steady increase in scale with improved quality.

China’s foreign trade, fueled by new growth momentum, has maintained steady growth in scale and quality enhancement. The total value of imports and exports between China and countries along the Belt and Road was 19,471.9 billion yuan, up 2.8 percent from the previous year. The import and export volume of private enterprises grew 6.3 percent to 22,360.1 billion yuan, accounting for 53.5 percent of China’s total imports and exports.

Source: National Bureau of Statistics of China