Private enterprises become strong driver for China’s foreign trade

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EYEAFRICA TV: Nanjing City, China: China’s private enterprises are becoming a strong driver for the country’s foreign trade, as they contributed 42.4 percent to the total foreign trade in the first 10 months this year.

The data was released by the General Administration of Customs on Friday.

Hengtong High-Voltage Cable Co., Ltd., a private enterprise in Jiangsu Province of east China, has made great contribution to the foreign trade with the help of its outstanding cable, which has helped the company win the first-ever order that worth tens of millions of U.S. dollars for the wind turbines at sea.

“We have created a record of the number of days of continuous operation in the world, which can be used to produce cables with a great length without connectors,” said Tong Dingguo, sales manager of the company.

The local customs and other relevant departments implemented their works right at the plant to ensure smooth export of the company’s products.

“The products are allowed to go from the factory directly to the global market. The barrier-free customs clearance way will save time for the enterprises and save a lot of operating expenses,” said Chen Xindong, director of the Changshu customs within the Nanjing Customs District.

Hengtong’s products have been exported to more than 140 countries and regions, with export volume driven by innovation increasing fast.

In the first 10 months of this year, Jiangsu Province saw faster increase of exports of mechanical and electrical products.

“According to our latest statistics, the export volume of mechanical and electrical products from Jiangsu Province has exceeded 1.4 trillion yuan (approx. 200 billion U.S. dollars), accounting for over 50 percent of the province’s total export volume. And high-tech products and high value-added products are accounting for a bigger proportion,” said Chen Jiandong, deputy director of the Nanjing Customs District.

Customs statistics have shown that the export volume of China’s high value-added mechanical and electrical products reached 8.15 trillion yuan (approx. 1.17 trillion U.S. dollars) in the first 10 months of this year, a year-on-year increase of 4.3 percent, with exports of home appliances and electronic products as well as mechanical equipment increasing by 5.5 percent and 1.9 percent, respectively.

“In the first 10 months, the volume of imports and exports of Chinese private enterprises reached 10.87 trillion yuan (approx. 1.56 trillion U.S. dollars), a year-on-year increase of 10.3 percent, accounting for 42.4 percent of China’s total foreign trade in the period,” said Li Kuiwen, director of the Department of Statistics and Analysis under the General Administration of Customs.

The General Administration of Customs also announced that China’s foreign trade registered stable growth in the first 10 months of 2019 by expanding 2.4 percent year on year. During the period, the total foreign trade volume reached 25.63 trillion yuan (about 3.67 trillion U.S. dollars).

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