Cutting-edge technologies, sustainable solutions move to forefront over conventional goods

inputtime: 2024-03-12 14:23:54

Yantai CIMC Raffles Ocean Technology Group has seen a notable increase in orders for this type of vessel since last year, with six of them currently under construction, accounting for one-third of its total orders.


Wei Chuntao, director of the company's supply chain management center, said: "These vessels, which can each lift 3,000 metric tons, are being built for a Dutch shipowner. They are high-end ships and cost much more than bulk ships and small and medium-sized container vessels."


The technical specifications for these vessels, such as lifting capacity and operational water depth, have been upgraded to meet clients' demands, Wei added.


Chen Bin, deputy director of the expert committee at the China Machinery Industry Federation, which is based in Beijing, said that Chinese products have benefited from continued improvements in technological capabilities and the advancement of industrial transformation and upgrading.


In particular, technology-intensive green products and those with long industrial chains, such as electronics, liquefied natural gas carriers and construction machinery, will drive the nation's exports this year, Chen added.


For example, there has been a significant increase in global demand for offshore wind installation vessels, with Chinese shipyards securing nearly 90 percent of the resulting manufacturing orders. As of October, 37 orders had been placed worldwide for such vessels, with Chinese shipyards responsible for building 33 of them, data from the China Association of the National Shipbuilding Industry show.


Ming Ming, chief economist at CITIC Securities, said that even though the current global economic landscape is characterized by persistently low levels of exports, consumption and investment demand among major economies, China's export sector has capitalized on its ability to adapt and diversify its product offerings.


Chinese manufacturers have demonstrated agility in identifying emerging market trends and adjusting their production to match them, Ming said.


Peng Bo, a researcher specializing in foreign trade at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said: "It is crucial to recognize the emerging opportunities. China's foreign trade is undergoing a transition from rapid growth to focus on high-quality expansion."


Highlighting the ongoing optimization of the nation's foreign trade structure, the gradual reinforcement of new trade momentum, and the effective implementation of stable foreign trade policies, Peng said technology-intensive green products have emerged as a vital growth driver for China's exports.


At the annual Central Economic Work Conference in Beijing last month, Chinese leaders stressed that among the top priorities for this year, efforts should be made to foster new drivers of foreign trade, consolidate the overall performance of foreign trade and foreign capital, and expand intermediate goods trade, services trade, digital trade and cross-border e-commerce exports.


Gao Lingyun, a researcher at the Institute of World Economics and Politics, which is part of the Chinese Academy of Social Sciences, said traditional exports such as clothing and furniture are being replaced increasingly by high-tech innovations in fields such as new energy and advanced manufacturing.


This shift marks a significant transformation in the export landscape, where cutting-edge technologies and sustainable solutions are moving to the forefront over conventional goods, Gao added.



The strong export performance of the "new three" — electric vehicles, lithium batteries, and solar cells — has maintained double-digit growth for 14 consecutive quarters, with a year-on-year rise of 41.7 percent to 798.99 billion yuan ($111.82 billion) in the first three quarters of last year, data from the General Administration of Customs, or GAC, show. These exports accounted for 4.5 percent of the nation's total.


With positive factors continuing to be seen in the fourth quarter, China's foreign trade value reached 3.7 trillion yuan in November, a rise of 1.2 percent year-on-year.


Shu Jueting, spokeswoman for the Ministry of Commerce, said, "A stable and improved foreign trade structure relies on a steady increase in volume," adding that external demand has also shown signs of recovery in recent months.


For instance, China's exports to the United States grew by 9.6 percent year-on-year in November, ending a 14-month decline, the ministry said.


Shu said there is a clear recovery momentum in demand for electronics products, including smartphones and home appliances.


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