An aerial view of Tangshan Port, Hebei province in December 2023. [Photo / Xinhua]

The expectation-exceeding growth of China's foreign trade in 2023, with the total value of imports and exports reaching 41.76 trillion yuan ($5.83 trillion), an increase of 0.2 percent year-on-year, has been a strong boost for international trade and economic development.

Of China's export value of 23.77 trillion yuan, manufacturing products accounted for 23.51 trillion yuan. Among them, equipment exports increased 2.8 percent year-on-year, accounting for nearly 60 percent of the country's total export value.

China may have surpassed Japan as the world's largest auto exporter in 2023. In addition, the value of exports of China's electric vehicles, lithiumion batteries and solar cells exceeded 1 trillion yuan for the first time, an increase of 30 percent year-on-year.

China's complete industrial system and strong supporting capabilities have facilitated the formation of its industry clusters, not only reducing costs for enterprises, but also providing fertile ground for product iteration and upgrading. This is an important factor behind the solid progress China's manufacturing has made in recent years.

The country's pursuit of an innovation-driven growth has injected new momentum into its exports, as indicated by the year-on-year 9.3 percent export growth of self-owned brand products in 2023, with the share in the country's total export value increasing by 1.7 percentage points.

In terms of imports, due to downward commodity prices, China's import value declined slightly in 2023, but import volumes rose 2.9 percent year-on-year. The increased imports reflect China's continuous recovery in production and consumer demand, and the unleashing of the advantages of its huge market.

Many international institutions have estimated that China contributed more than 30 percent to global economic growth in 2023 as the largest engine of the world economy. The Chinese economy is seeing continued recovery, stimulating its demand for imports and also promoting exports, which will bring more dividends to businesses around the world.