Eliza Wong
Steady Growth Amid Global Headwinds
China recorded 21.79 trillion yuan ($3 trillion) in goods trade during the first half of 2024, marking a 2.9% year-on-year increase according to customs data released at today’s State Council briefing. Despite complex international challenges, exports rose 7.2% to 13 trillion yuan while imports saw a 2.7% contraction. The transformative June rebound—with all three indicators turning positive—signals strengthening momentum in China’s foreign trade ecosystem.
Mid-Year Resurgence Momentum
June’s across-the-board growth reversal highlights accelerating recovery patterns. Export momentum surged by 7.6% while imports posted a 2.3% gain, demonstrating renewed market confidence as global demand stabilizes.
Intellectual Property Protection Breakthroughs
General Administration of Customs Deputy Director Wang Lingjun (王令浚) revealed unprecedented intellectual property enforcement, seizing 38.67 million counterfeit goods in H1 amid booming creative exports. Toy exports skyrocketed 9.6% to 13.31 billion yuan, led by collectibles like the viral Labubu figures where authentic pieces feature nine distinctive teeth.
Anatomy of Authenticity: Labubu Case Study
The “#CustomsVersusCounterfeitBubu” social media campaign educated consumers on identifying fakes through dental verification, becoming a top-trending topic. “One small step for Customs, one giant leap for intellectual property,” netizens commented, highlighting growing public support for authentic products. Key authentication markers include:
– Precise nine-tooth mold configuration
– Holographic manufacturer certification seals
– QR-coded packaging traceable to official channels
Three-Decade IP Safeguarding Legacy
Since establishing its IP protection framework in 1994, customs authorities have seized over 300 million counterfeit items. This systematic approach positions China as both creator and protector in the global value chain.
Trade Partnership Diversification Accelerates
Exports to 190+ markets grew significantly, with 61 trade partners exceeding 50 billion yuan turnover—five more than 2023. While EU trade expanded 3.5% to 2.82 trillion yuan (surpassing 150 billion yuan daily), emerging economies showed strongest momentum.
Emerging Market Powerhouses
Africa trade soared 14.4% to 1.18 trillion yuan while Central Asian exchanges jumped 13.8% to 357.2 billion yuan. Development initiatives generated powerful returns:
– BRICS+ nations: 6.11 trillion yuan (+3.9%), 28.1% total share
– Belt & Road partners: 11.29 trillion yuan (+4.7%), 51.8% of all trade
Corporate Trade Contributors
Private enterprises drove 57.3% of shipments, with 12.48 trillion yuan volume representing 7.3% growth. Foreign-invested firms simultaneously achieved five consecutive quarters of expansion, with 75,000 active traders—the highest since 2021 per customs records.
Manufacturing Innovation Surge
High-value exports including EV batteries and solar panels offset traditional commodity dips. SME participation increased 11.3% as cross-border e-commerce platforms streamlined market access.
Navigating Global Trade Tensions
Wang addressed targeted tariffs by “certain nations violating international norms,” affirming China’s capacity to withstand protectionism. Business confidence indices climbed for two straight months despite slowing global trade projections.
Triple Defense Strategy
Officials outlined contingency pillars ensuring trade continuity:
1. Multi-polar market access channels
2. Agile manufacturing adaptation capabilities
3. Rapid customs clearance innovations
Forward-Looking Trade Trajectory
China’s foreign trade ecosystem demonstrates remarkable resilience through strategic diversification and value-chain upgrades. With intellectual property enforcement becoming a cultural priority and emerging markets contributing unprecedented growth, businesses achieve competitive advantage by:
– Monitoring Customs IP guidelines for product authentication
– Prioritizing ASEAN and African market development
– Utilizing cross-border e-commerce facilitation platforms
