Core Viewpoint - China's goods trade showed resilience and vitality, with a total import and export value of 41.21 trillion yuan, a year-on-year increase of 3.6% in the first 11 months of 2025 [2] Trade Structure Optimization - The trade structure is continuously improving, with general trade and processing trade both experiencing growth. General trade imports and exports reached 26.04 trillion yuan, up 2.1%, accounting for 63.2% of total foreign trade; processing trade reached 7.74 trillion yuan, up 7.3%, accounting for 18.8% [3] - Trade with ASEAN and the EU increased, with total trade with ASEAN at 6.82 trillion yuan, up 8.5%, making it China's largest trading partner, while trade with the EU reached 5.37 trillion yuan, up 5.4% [3] - Private enterprises and foreign-invested enterprises also saw growth, with private enterprises' imports and exports at 23.52 trillion yuan, up 7.1%, accounting for 57.1% of total foreign trade [3] Policy Support - Various support policies are being implemented to enhance foreign trade resilience, such as measures to optimize origin visa facilitation for the new energy and intelligent connected vehicle industry [4] - Efficient customs processes are highlighted, as seen with the rapid clearance of Chilean cherries, showcasing the effectiveness of customs support in facilitating trade [4] Market Outlook - Market expectations for foreign trade development are optimistic, with analysts noting that the rebound in export growth in November is supported by global economic recovery and market diversification [6] - The resilience of China's exports is attributed to the flexibility and pressure resistance of private enterprises, alongside the noticeable effects of manufacturing transformation and supportive growth policies [6] - The increasing confidence in cross-border e-commerce is bolstered by efficient customs services, which help reduce operational costs for businesses [6]

Core Insights - Ningbo-Zhoushan Port has achieved a historic milestone by surpassing 40 million TEUs in annual container throughput, marking the fourth "ten million box" leap, which supports China's manufacturing exports and reflects the resilience of China's foreign trade [1] - China's total import and export value of goods reached 37.31 trillion yuan in the first ten months of this year, showing a year-on-year growth of 3.6% [1] Group 1: Policy and Government Support - The achievements in foreign trade are attributed to a threefold synergy of policy empowerment, expanded openness, and supply-demand collaboration [2] - Government departments have implemented multiple rounds of foreign trade policies and actively expanded high-level open cooperation, facilitating enterprises' integration into the global trade network [2] - The China International Import Expo has played a significant role in promoting trade, investment, and consumption, enhancing its platform effect [2] Group 2: Supply-Side Dynamics - New driving forces such as innovation, intelligence, and sustainability are emerging, enhancing the growth potential of foreign trade [2] - In the first ten months, China's export of electromechanical products reached 13.43 trillion yuan, a year-on-year increase of 8.7%, accounting for 60.7% of total exports [2] - Labor-intensive product exports totaled 3.38 trillion yuan, showing a decline of 3% year-on-year, indicating a shift towards higher value-added exports [2] Group 3: Demand-Side Market Expansion - There is a strong global demand for quality products, particularly due to the deepening cooperation under the Belt and Road Initiative, which has created favorable conditions for China's exports [3] - In the first ten months, trade with ASEAN reached 6.18 trillion yuan, growing by 9.1%, while trade with the EU totaled 4.88 trillion yuan, increasing by 4.9% [3] - The total import and export value with Belt and Road countries was 19.28 trillion yuan, reflecting a year-on-year growth of 5.9% [3] Group 4: Future Outlook - The strategy to enhance foreign trade quality and efficiency is emphasized in the 15th Five-Year Plan, showcasing China's commitment to improving foreign trade resilience amid a complex international environment [3] - Future foreign trade development should focus on technological innovation, policy support, and high-quality growth, with recommendations to optimize market layout and reduce reliance on single markets [3] - Increased R&D investment is suggested to enhance product value and technology, promoting a shift towards high-end, intelligent, and green products, thereby elevating the global presence of "Made in China" [3]

Group 1 - The China Council for the Promotion of International Trade (CCPIT) is actively enhancing communication and interaction between foreign enterprises and local governments, with a series of local events planned for 2025 [1] - In 2025, CCPIT will host five local events in various provinces, attracting participation from 259 foreign business associations and enterprises from 21 countries and regions, addressing over 200 requests from foreign enterprises [1] - CCPIT is committed to improving the business environment for foreign enterprises in China by collecting feedback through various channels and proposing policy recommendations to create a market-oriented, law-based, and international business environment [1] Group 2 - In October 2025, the national trade promotion system issued a total of 656,900 certificates, marking a year-on-year increase of 7.48%, indicating strong resilience and growth in China's foreign trade despite external pressures [2] - The RCEP certificates issued in October 2025 amounted to $86.9 million, with a year-on-year growth of 10.85%, and the number of certificates issued increased by 9.42%, leading to an estimated tariff reduction of $1.3 million for Chinese products in RCEP member countries [2] - The ongoing benefits from free trade agreements like RCEP are providing tangible financial advantages to foreign trade enterprises in China [2]

Economic Overview - The national economy has maintained a steady and progressive development despite pressures, with favorable factors supporting economic growth [1] - The National Bureau of Statistics indicates that the economic foundation is stable, with many advantages, strong resilience, and significant potential [1] Employment and Prices - The urban surveyed unemployment rate remained stable in October, indicating a positive trend in employment [3] - The consumer price index showed a year-on-year increase in October, marking a shift from previous declines [3] Trade and Foreign Exchange - In the first ten months, the total import and export volume of goods increased by 3.6%, with foreign exchange reserves stabilizing at 1.9 trillion [4] - The resilience of foreign trade continues, with imports and exports to ASEAN, the EU, and Belt and Road countries growing by 9.1%, 4.9%, and 5% respectively [7] Consumer Spending - The total retail sales of consumer goods increased by 4.3% year-on-year in the first ten months, surpassing the growth rate of the previous year [5] Industrial Growth - The added value of equipment manufacturing and smart vehicle manufacturing increased by 54.7% year-on-year in the first ten months [8] - The production of green materials has also maintained rapid growth [9] Macro Policies - Recent policies have been introduced to activate and utilize local government debt and policy financial tools to enhance local government financial capacity and expand effective investment [11]

Core Insights - In the first ten months of the year, China's total goods trade import and export value reached 37.31 trillion yuan, a year-on-year increase of 3.6%, with a slight decrease in growth rate compared to the previous nine months [1][2] - The resilience of China's foreign trade has been highlighted, with exports showing strong momentum and imports steadily increasing [1] Group 1: Trade Performance - In the first ten months, exports amounted to 22.12 trillion yuan, up 6.2% year-on-year, with electromechanical products being the main export driver, increasing by 8.7% [1] - The monthly export value in October was 3.7 trillion yuan, marking a 0.1% growth and maintaining a continuous growth trend for nine months since February [1] - Imports in October reached 1.53 trillion yuan, a year-on-year increase of 1.4%, contributing to a steady recovery in cumulative import growth [1] Group 2: Trade Composition - General trade imports and exports grew by 2.3%, accounting for 63.4% of China's total foreign trade, while processing trade and bonded logistics trade increased by 6.5% and 5.5%, respectively [2] - Private enterprises, which are the backbone of China's foreign trade, reported imports and exports of 21.28 trillion yuan, a 7.2% increase year-on-year, representing 57% of the total foreign trade value [2] - ASEAN remains China's largest trading partner, with trade totaling 6.18 trillion yuan, a year-on-year increase of 9.1%, accounting for 16.6% of China's total foreign trade [2]

Core Insights - China's total goods trade value for the first ten months of the year reached 37.31 trillion yuan, reflecting a year-on-year growth of 3.6%, with a slight decrease in growth rate compared to the previous nine months [1] - In October alone, the total trade value was 3.7 trillion yuan, marking a 0.1% increase and maintaining growth for nine consecutive months since February [1] Trade Performance - Exports showed strong momentum, with a total of 22.12 trillion yuan in exports for the first ten months, up 6.2% year-on-year, driven primarily by electromechanical products which grew by 8.7%, contributing 5.2 percentage points to overall export growth [1] - The export of "new three items," railway electric locomotives, and wind power generators saw double-digit growth [1] - Monthly imports also increased steadily, with October imports at 1.53 trillion yuan, a 1.4% year-on-year increase, contributing to a steady rise in cumulative import growth [1] Trade Composition - General trade imports and exports grew by 2.3%, accounting for 63.4% of China's total foreign trade, while processing trade and bonded logistics trade increased by 6.5% and 5.5%, respectively [2] - Private enterprises, which are the backbone of foreign trade, reported imports and exports of 21.28 trillion yuan, a 7.2% increase, representing 57% of total foreign trade, up 1.9 percentage points from the previous year [2] Trade Partners - ASEAN remained China's largest trading partner, with a total trade value of 6.18 trillion yuan, a year-on-year increase of 9.1%, accounting for 16.6% of China's total foreign trade [2] - The EU and the US were the second and third largest trading partners, with trade growth of 4.9% and a decline of 15.9%, respectively [2] - Trade with countries involved in the Belt and Road Initiative totaled 19.28 trillion yuan, reflecting a growth of 5.9% [2]

Group 1: Renewable Energy - In the first three quarters of this year, the newly installed capacity of renewable energy reached 310 million kilowatts, representing a year-on-year growth of 47.7%, accounting for approximately 84.4% of the total new installed capacity [3] - Renewable energy generation amounted to 2.89 trillion kilowatt-hours, which is about 40% of the total electricity generation, significantly supporting the overall electricity supply [3] Group 2: Steel Industry - In the first three quarters, the total crude steel production in the country was 746 million tons, achieving the production control target [5] - The total profit of key steel enterprises reached 96 billion yuan, a year-on-year increase of 190%, indicating that the overall operational situation of the industry is better than expected and its risk resistance capability is continuously improving [5] Group 3: Foreign Trade - In the first three quarters, the national trade promotion system issued various certificates, including certificates of origin, with a year-on-year growth of 17.64% [7] - The number of RCEP certificates issued totaled 242,500, reflecting a year-on-year increase of 25.57%, demonstrating the strong resilience of China's foreign trade in the first three quarters [7]

Renewable Energy - In the first three quarters of this year, the newly installed capacity of renewable energy reached 310 million kilowatts, representing a year-on-year growth of 47.7%, accounting for approximately 84.4% of the total newly installed capacity [3] - Renewable energy generation amounted to 2.89 trillion kilowatt-hours, which is about 40% of the total electricity generation, significantly supporting the overall electricity supply [3] Steel Industry - In the first three quarters, the total crude steel production in the country was 746 million tons, achieving the production control target [6] - The total profit of key steel enterprises reached 96 billion yuan, a year-on-year increase of 190%, indicating that the overall operational situation of the industry is better than expected and its risk resistance capability is continuously improving [6] Foreign Trade - In the first three quarters, the national trade promotion system issued various certificates, including certificates of origin, with a year-on-year growth of 17.64% [8] - The number of RCEP certificates issued totaled 242,500, reflecting a year-on-year increase of 25.57%, demonstrating the strong resilience of China's foreign trade in the first three quarters [8]

Core Insights - The China Council for the Promotion of International Trade (CCPIT) reported that from January to September 2025, a total of 6.1532 million various certificates were issued, reflecting a year-on-year growth of 17.64%, indicating strong resilience in China's foreign trade [1] Summary by Categories Certificate Issuance - The CCPIT issued a total of 6.1532 million certificates, including certificates of origin, ATA carnets, and commercial certificates, which is a 17.64% increase compared to the previous year [1] Non-preferential Certificates - The total value of non-preferential certificates issued amounted to $264.467 billion, with 3.3305 million certificates issued, marking a 5.10% year-on-year increase in issuance [1] Preferential Certificates - The value of preferential certificates issued reached $75.545 billion, showing a significant year-on-year growth of 38.62%, with 2.2884 million certificates issued, which is a 47.25% increase [1] RCEP Certificates - The total value of RCEP certificates issued was $7.08 billion, reflecting a year-on-year growth of 24.01%, with 242,500 certificates issued, a 25.57% increase [1] Market Dynamics - The substantial growth in both the value and number of preferential certificates indicates that Chinese foreign trade enterprises are actively adapting and innovating in response to complex external environments, expanding their "circle of friends" in foreign trade [1]

Core Insights - The total number of various certificates issued by the national trade promotion system from January to September 2025 reached 6.1532 million, representing a year-on-year growth of 17.64%, indicating strong resilience in China's foreign trade [1] Summary by Categories Certificate Issuance - Non-preferential certificates issued totaled 3.3305 million, with a year-on-year increase of 5.10% [1] - Preferential certificates issued amounted to 2.2884 million, showing a significant year-on-year growth of 47.25% [1] - RCEP origin certificates issued reached 0.2425 million, reflecting a year-on-year increase of 25.57% [1] Trade Environment - The spokesperson from the China Council for the Promotion of International Trade highlighted that foreign trade enterprises are actively adapting and innovating in response to complex external environments, expanding their "circle of friends" in foreign trade [1] - The accumulation of new momentum and advantages is providing strong support for the stable development of China's foreign trade in the next phase [1]