The latest data released by the General Administration of Customs on the 7th reveals that in October, China's total import and export value increased by 0.9% year-on-year, marking the first shift from decline to growth in the second half of the year. At the same time, the cumulative import and export for the first 10 months also registered positive growth, reversing the previous trend of two consecutive monthly declines in August and September. In the context of global trade weakness and frequent geopolitical risks, China's monthly and cumulative growth in foreign trade has turned positive, highlighting the growth momentum and resilience of China's foreign trade under pressure. As one of the "three drivers" promoting economic growth, this also solidifies the foundation for the "stability" of China's economic development. On the 7th, the International Monetary Fund (IMF) released its latest report, raising its forecast for China's economic growth in 2023 from 5% to 5.4%. Several economists told reporters from the Global Times on the 7th that amid the continuous negative portrayal of China's economy by some Western media, the upward adjustment of expectations for China's economy by most objective international institutions is not only based on China's recent actual performance and the intensification of China's pro-growth policies but is also more importantly a recognition of China's long-term and sustained positive development pattern. Bennett, the chief representative of the IMF in China, recently stated, "China is still the largest engine of global economic growth, contributing one-third of global growth."

         According to data released by the General Administration of Customs on the 7th, the total value of China's imports and exports for the first 10 months of this year reached 34.32 trillion yuan, a year-on-year increase of 0.03%, reversing the previous trend of two consecutive monthly declines. Among them, exports for the first 10 months were 19.55 trillion yuan, an increase of 0.4%; imports were 14.77 trillion yuan, a decrease of 0.5%; and the trade surplus was 4.78 trillion yuan.

        Due to factors such as global trade weakness, weakened demand from the United States and Europe, and frequent geopolitical risks, China's imports and exports experienced negative growth starting from the fourth quarter of last year. Since the beginning of this year, China's imports and exports have gradually stabilized and rebounded. Looking at a monthly breakdown, in October, the total import and export volume was 3.54 trillion yuan, with a monthly growth rate turning positive at 0.9% after four consecutive months of decline since June.

        Tan Ya, the Deputy Director of the BRICS Research Center at the University of International Business and Economics, stated that in the first 10 months, China's exports to countries participating in the Belt and Road Initiative increased by 7.7%, the total import and export volume increased by 3.2%, accounting for 46.5% of China's foreign trade volume. This indicates a more balanced distribution of China's foreign trade regions, providing strong support for the sustainability of China's foreign trade growth.

        Moreover, China's foreign trade structure and export product structure have further optimized. In the first 10 months, China's general trade import and export increased by 1.8%, accounting for 64.9% of the total foreign trade value. During the same period, processing trade import and export decreased by 10.3%, accounting for 18.3%. This indicates a further increase in the added value of China's foreign trade, with the proportion of processing trade, which relies on meager processing fees, becoming smaller. Particularly exciting is the 2.8% growth in China's export of electromechanical products in the first 10 months, accounting for 58.5% of the total export value. This includes the cumulative export of 4.239 million automobiles, a year-on-year increase of 62.4%.

China's openness index is rapidly increasing

        "The Chinese economy is set to achieve the government's growth target for 2023, reflecting a robust recovery post the COVID-19 pandemic." The International Monetary Fund (IMF) announced on the 7th that it predicts China's GDP to grow by 5.4% in 2023. This marks a significant upward revision of 0.4 percentage points from the IMF's October forecast of 5% for China's economy. IMF First Deputy Managing Director Gopinath stated, "China's economy performed better than expected in the third quarter, and recent government measures to stimulate growth have led to an upward adjustment in the forecast for China's economic growth."

         The sixth Hongqiao International Economic Forum, held concurrently with the Shanghai Import Expo, released the "World Openness Report 2023" on the 5th. The report indicates that the World Openness Index in 2022 decreased by 5.4% compared to 2008, reaching the second-lowest level since 2008. At the same time, China's Openness Index has seen a significant increase, ranking among the top globally. The report notes that in 2023, China's economic performance is showing a positive trend of recovery, adding confidence and stability to the global economy. "China's style of modernization, while achieving its own development, injects more positive energy into the world economic recovery and provides more stability and new opportunities for building an open world economy."