China’s Exports Surpass CNY 25 Trillion in 2024, Marking Eighth Consecutive Year of Growth

At a press conference hosted by the State Council Information Office, Wang Lingjun, Deputy Commissioner of the General Administration of Customs (GAC), announced that China’s export volume surpassed CNY 25 trillion for the first time, reaching CNY 25.45 trillion (approximately $3.65 trillion USD) in 2024, a 7.1% year-over-year increase. This marks the eighth consecutive year of export growth, with China expanding exports to over 160 countries and regions.

According to customs data, China’s exports to key trade partners demonstrated strong growth in 2024:

 

• ASEAN nations: +12%, $586.52 billion USD

• United States: +4.9%, $586.52 billion USD

• European Union (EU): +3.0%, $516.26 billion USD

• Brazil: +23.3%, $72.08 billion USD

Exports to Belt and Road Initiative (BRI) countries saw a 9.6% increase in 2024, highlighting China’s strengthening trade ties with emerging markets under the initiative.

As the world’s leading manufacturing and export powerhouse, China’s manufacturing sector accounted for 98.9% of total exports in 2024. Among key industries:

 

• Equipment manufacturing exports reached CNY 14.69 trillion ($2.1 trillion USD)

• Consumer goods manufacturing exports totaled CNY 5.43 trillion ($780 billion USD)

• Raw materials manufacturing exports hit CNY 3.12 trillion ($450 billion USD)

Data Source：http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302277/5668662/index.html

http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302275/6312783/index.html

China’s Inbound Tourism Surges During Spring Festival, Driven by Cultural Experiences and Expanding Hospitality Sector

China’s inbound tourism witnessed a significant rebound during the Spring Festival, with a sharp rise in foreign arrivals and a surge in demand for cultural experiences. According to data from Trip.com, Meituan Travel, Qunar, and Tujia, the number of international travelers soared, with short-haul trips from Japan, South Korea, Singapore, Malaysia, and Thailand increasing by 130% year-over-year, while long-haul visitors from France, Spain, Italy, Canada, and Australia grew by nearly 120%. The top inbound tourist sources were led by South Korea, the United States, Malaysia, Singapore, and Japan, reflecting China’s growing appeal as a travel destination.

Major Chinese cities remained the top choices for international visitors, with Shenzhen, Shanghai, Guangzhou, and Beijing attracting the highest number of inbound travelers. Heritage-rich destinations such as Xi’an, Fuzhou, and Shijiazhuang also saw a surge in bookings, with year-over-year growth rates reaching up to 97%, driven by increasing interest in cultural tourism. Traditional festivities and immersive experiences gained significant traction among foreign travelers, with ticket sales for lantern festivals, temple fairs, and folk performances skyrocketing by 7.5 times on Trip.com’s overseas platform. Similarly, searches for intangible cultural heritage experiences surged on Meituan Travel, with interest in traditional handicrafts spiking 790% and Spring Festival temple fairs soaring 633%, highlighting a strong enthusiasm for China’s rich cultural traditions.

The influx of foreign tourists was also reflected in travel and accommodation bookings. Qunar reported a 70% increase in domestic flight reservations made by non-Chinese passport holders, with the top five source countries being South Korea, the U.S., Australia, Malaysia, and Canada. Tujia Homestay data showed that inbound bookings by foreign travelers surged 3.7 times compared to last year, with 51 townships welcoming international guests for the first time. Popular homestay destinations included Guangzhou, Dali, Shanghai, Chongqing, and Harbin, while many foreign visitors ventured into less-explored areas such as Anji in Zhejiang, Pingtan in Fujian, and Nan’ao in Guangdong, underscoring a growing interest in off-the-beaten-path cultural and natural experiences.

As China experiences a revival in inbound tourism, the hospitality sector is rapidly adapting to accommodate international travelers. The number of properties labeled “foreigner-friendly” on the Tujia platform increased by 30%, reflecting a broader effort to improve accessibility and enhance visitor experiences. With record-breaking inbound travel numbers, a booming interest in cultural tourism, and strengthened hospitality services, China is solidifying its position as a top global travel destination, attracting visitors eager for authentic and immersive experiences.

Chinese AI Challenger DeepSeek Surges to Global Prominence, Shaking Up Tech Industry

DeepSeek, a rising Chinese artificial intelligence (AI) startup, has captured global attention after topping mobile app download charts and sending shockwaves through U.S. tech markets. The company’s latest model, DeepSeek-R1, is being hailed as a formidable rival to OpenAI’s ChatGPT, boasting comparable capabilities while being significantly more cost-efficient to develop.

On January 31, NVIDIA announced that DeepSeek-R1 is now available as a preview version of its NIM microservice on the NVIDIA developer platform. On the same day, Amazon Web Services (AWS) confirmed that users can now deploy DeepSeek-R1 via Amazon Bedrock and Amazon SageMaker AI, further integrating the model into the global AI ecosystem.

Meanwhile, Microsoft CEO Satya Nadella, during the company’s latest earnings call, revealed that DeepSeek-R1 is now accessible through Azure AI Foundry and GitHub, strengthening its presence across enterprise and developer communities.

By February 1, DeepSeek had skyrocketed to the top of mobile app download rankings in 140 markets, with India leading global adoption, accounting for 15.6% of total downloads. The surge underscores the model’s rapid international expansion and growing appeal among users worldwide.

However, DeepSeek has been banned by the U.S. DoD, NASA, Congress, Texas, and Taiwan, while Apple and Google removed it from Italy’s app stores. Meanwhile, the UK, France, Germany, Australia, Japan, South Korea, and India are reviewing its potential risks.

With DeepSeek-R1’s integration into major cloud platforms, its explosive global adoption, and its potential to disrupt the AI landscape, is this Chinese AI powerhouse on track to challenge Silicon Valley’s dominance?

U.S.-China Trade War Escalates as Trump Imposes New Tariffs, China Retaliates with Countermeasures

On February 1, U.S. President Donald Trump signed an executive order imposing an additional 10% tariff on all Chinese imports, further escalating trade tensions between the world’s two largest economies. The move builds upon existing tariffs and signals a renewed phase of economic confrontation.

In response, China’s Ministry of Finance announced countermeasures, including:

 

• 15% tariffs on U.S. coal and liquefied natural gas (LNG)

• 10% tariffs on crude oil, agricultural equipment, and certain automobiles The tariffs are set to take effect on February 10.

Additionally, China launched an antitrust investigation into Google and added PVH Corp—the parent company of fashion brand Calvin Klein—as well as U.S. biotechnology firm Illumina to its “Unreliable Entity List”, signaling a broader pushback against American firms operating in China.

China’s Ministry of Commerce and General Administration of Customs further announced export controls on critical minerals, including tungsten, tellurium, molybdenum, bismuth, and indium, a move likely to impact global supply chains for high-tech industries.

According to a report by Oxford Economics, the trade war remains in its early stages, with a high probability of further tariff escalations in the near future. As both nations dig in for a prolonged economic battle, markets and businesses worldwide brace for potential disruptions.

U.S. Postal Service Suspends International Parcels from China and Hong Kong Amid Rising Trade Tensions

The U.S. Postal Service (USPS) has announced a temporary suspension of international parcel shipments from China and Hong Kong, disrupting a key shipping route widely used by Chinese e-commerce vendors. The suspension, which is effective until further notice, does not affect the delivery of letters, according to the USPS statement.

This move follows the Trump administration’s latest round of tariffs on China and a policy shift aimed at closing a tariff loophole. Previously, businesses could bypass import duties by shipping small packages valued under $800 directly to U.S. consumers. The policy change, coupled with the USPS suspension, is expected to significantly impact cross-border e-commerce, particularly for Chinese retailers who rely on direct shipping to American buyers.

As U.S.-China trade tensions escalate, the disruption to international shipping adds another layer of uncertainty for businesses engaged in global trade, with potential ripple effects on e-commerce platforms, supply chains, and consumer costs.