2 Foreign trade develops steadily and rapidly
From 1948 to 2020, China's total foreign trade volume surged from $907 billion to $4.65 trillion with an average annual growth rate of nearly 14 percent.
The country's total imports and exports of goods expanded 1.9 percent on a yearly basis in 2020, making China the world's only major economy to register positive growth amid the pandemic, which hurt global businesses.
In 2017, China's trade volume jumped to the first spot in the world from the 26th spot in 1978, and has remained No 1 for four years in a row up to 2020. Currently, the country has become the world's largest exporter and second largest importer.
China's import and export trade has made a huge contribution to the world. In 2020, the country contributed 13.13 percent to the world's import and export trade volume, with the contribution growing 12 percentage points over 1948. Moreover, China's export contribution to the world surpassed 10 percent for 11 consecutive years, with the figure reaching a record high of nearly 15 percent in 2020.
Now, China's exports are shifting from low-end to high-end in the value chain.