With product innovation, Chinese private enterprises witnessed a two-digit growth in foreign trade so far this year despite the impact of the COVID-19 Pandemic, greatly boosting China’s Exports.
The total value of Chinese Private Enterprises Foreign Trade reached 13.5 trillion yuan (about 2 trillion U.S. dollars) in the first 11 months of 2020, up 11.3 percent year on year and accounting for 46.4 percent of the whole country’s foreign trade, according to the data released by the General Administration of Customs on Monday.
Following the latest trends in the global market, Chinese private enterprises have been rolling out various kinds of products that are in great demand, rapidly expanding their market globally.
In Shenzhen City of South China’s Guangdong Province, workers of Jinjin Technology are busy producing a new type of household coffee makers for Italian customers.
Based on the needs of the customers, the company has improved the design to make the coffee maker smaller and equipped it with many intelligent functions. This innovation has helped it win more customers in the global market.
“The epidemic has changed people’s lifestyle. Many customers prefer to stay at home rather than go out for gatherings. Our household coffee makers are very popular among the overseas customers.
Since the beginning of this year, our company has exported over 180,000 coffee makers to Italy, up 20 percent year on year,” said Lin Lihua, senior manager of Jinjin Technology.
During the Jan-Nov period this year, Shenzhen has been focusing on the stay-at-home economy and has exported home appliances worth more than 38 billion yuan (around 5.8 billion U.S. dollars), up over 10 percent year on year.
“Shenzhen is not only witnessing a two-digit growth in the export of home appliances since June, but also enjoying remarkable exports of high value-added and high-tech products,” said Cao Pengfei, deputy director of the Department of Statistics and Analysis of Shenzhen Customs. The Chinese Government is also providing support for Private Enterprises.
In Qingdao City of east China’s Shandong Province, local customs has helped tire manufacturer Qingdao Sentury Tire to gain the certificate of Authorized Economic Operator (AEO), which enables it to enjoy faster customs clearance when exporting products to countries or regions that have signed AEO Mutual Recognition Agreement with China.
“About 85 percent of our products have been exported to countries along the Belt & Road, especially to Europe, South Korea and Japan,” said Geng Cong, deputy director of the Oversea Sales Center of Qingdao Sentury Tire.
With their innovative and high quality products, Chinese private enterprises have become an important participant in China’s foreign trade and greatly boosted the country’s exports.
“Private Enterprises have become the most active force in foreign trade with ever increasing participation in import and export, greatly boosting the development of China’s foreign trade.
Chinese enterprises are actively participating in international competition with greater innovative capabilities and better export product portfolio, promoting the steady improvement of China’s foreign trade,” said Li Kuiwen, Director of the Department of Statistics & Analysis of the General Administration of Customs.