China's foreign trade up 2.9% in H1

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's foreign trade of goods rose 2.9% in 2025 H1 to CNY21.79 trillion;Australian PM's China visit aims to boost cooperation amid global challenges.Here’s what you need to know about China in the past 24 hours China's imports and exports of goods in yuan-denominated terms rose to reach CNY21.79 trillion, driven by the country's strenuous efforts to optimize foreign trade structure and stabilize economic growth. Foreign trade growth in the second quarter rose significantly by 4.5 percent year-on-year, 3.2 percentage points higher than the figure seen in the first quarter, which marks the 9th quarter in which quarterly foreign trade exceeding CNY10 trillion, according to the data released by the General Administration of Customs (GAC) on Monday.During the first six months of 2025, China's exports rose 7.2 percent year-on-year to reach CNY13 trillion, while imports fell 2.7 percent to reach CNY8.79 trillion, the data showed.Currently, certain countries violate international trade norms by imposing unreasonable tariffs, causing severe challenges to global economic development. However, an increasingly diversified foreign trade market, innovative and high-quality products manufactured in China, and the adaptive foreign trade entities give China the confidence and ability to cope with global challenges, Wang Lingjun, deputy director of the GAC, said at press conference on Monday.In terms of the trading partners, trade with Belt and Road Initiative (BRI) partner countries rose 4.7 percent to reach CNY11.29 trillion, with its proportion in China's total foreign trade rising by 0.9 percentage points to 51.8 percent. Trade with ASEAN rose up by 9.6 percent to reach CNY3.67 trillion, while trade with the EU, South Korea, and Japan witnessed positive growth respectively.During the period, China's export growth drivers strengthened and gained new momentum, according to the GAC. In the first half, exports of electro-mechanical products increased by 9.5 percent, taking up 60 percent of the country's total exports.Meanwhile, as the world's second largest consumer market, with the continuous supportive policies including the equipment upgrade and consumer trade-in programs, China's imports turned to positive growth in the second quarter. Import growth of petrochemical, textile and other machinery and equipment reached double digits, while key parts such as electronic components grew rapidly, and imports of vital raw materials such as crude oil and metal ore increased in volume.In the second half of the year, it is expected that exports will likely maintain growth, driven by broader opening-up policies, improved corporate competitiveness, and expanded market diversification. Imports will benefit from domestic demand expansion policies, experts noted.GBA expressIMF ex-Deputy Managing Director Zhu Min, Unitree Robotics founder Wang Xingxing, and BrainCo CEO Han Bicheng participated in their first lunch meeting of the Hong Kong Chief Executive's Council of Advisers last week. The 34-member advising council set up in 2023 provides advice on strategic issues in their respective fields.South Korean financial institutions traded over HK$1.5 trillion on Hong Kong’s stock market in the first five months of this year — 2.8 times last year’s total — reflecting strong confidence in local investment opportunities, according to the city’s financial secretary. Since last September, the strong performance of Hong Kong’s financial markets and vibrant IPO fundraising activities have attracted the attention of the South Korean financial sector, Paul Chan Mo-po said in his Sunday blog.A batch of 24 domestically built 2,000-meter-class ultra-deepwater suction anchors was shipped from Zhuhai, Guangdong Province, to Brazil, marking China's deepest-capacity offshore oil and gas equipment overseas delivery and underscoring the growing recognition of Chinese deep-sea technology in mainstream global markets, according to China National Offshore Oil Corp (CNOOC) on Sunday.Industry and company newsChina issued CNY12.92 trillion of new yuan-denominated loans during the first half of the year, according to data from the central bank. Lending to households rose by CNY1.17 trillion, while corporate borrowing accounted for CNY11.57 trillion of the total.Nearly 60 percent of sovereign wealth funds plan to increase asset allocations in China over the next five years, especially in the tech industry, according to a survey by Invesco. Funds flow into the country's innovation-driven sectors with the "strategic urgency they once directed toward Silicon Valley."Nio's share surged 10.8 percent as of lunch break in Hong Kong today after the Chinese EV startup priced the Onvo L90, its upcoming full-size e-SUV under its sub-brand, below CNY300,000, beating market expectations. Geely's sales jumped 30 percent to 1.9 million vehicles in the first half of the year from a year earlier, with over half of them being NEVs, up 73 percent in the period, the Chinese auto giant said today.Meituan’s instant retail daily orders hit record 150 million at 11.36 p.m. on July 12, the Chinese on-demand services giant said, adding that, taking a July weekend as an example, delivery riders’ daily income rose 111 percent, and the platform’s daily order volume jumped 33 percent from a month earlier.The Shanghai branch of the State-Owned Assets Supervision and Administration Commission held a meeting with local officials to discuss how stablecoins and blockchain technology may have a part to play in cross-border trading. He Qing, director of the city regulator, cited the need for more sensitivity toward emerging technologies like digital currencies, backed by proper research.A Chinese-built, driverless maglev train that can reach speeds of 600 kilometers an hour or more, comparable with a jetliner, was showcased at the 17th Modern Railways exhibition in Beijing, giving a glimpse of a future that could slash rail travel between Shanghai and Beijing to just 2.5 hours from 5.5 hours. The prototype fastest train in the world, still under testing, is being developed by China Railway Rolling Stock Corp.Asia-Pacific highlightsThe prime minister of Australia began a six-day official visit to China on Saturday. Anthony Albanese said the visit will focus on strengthening trade and tourism ties. In a short video filmed on Shanghai's Bund, he said "engaging with China is in our interest to build a stable and secure region.” In addition to high-level meetings in Beijing, Albanese's visit includes stops in Shanghai, where he arrived on Saturday, and Chengdu, the capital of Southwest China's Sichuan province. His trip covers key sectors such as business, investment, tourism and other major sectors to build on Australia's strong economic and trade links with China, according to a statement from his office. China is ready to promote the comprehensive strategic partnership with Australia through a more proactive approach, Chinese Foreign Minister Wang Yi said on Friday.Chinese Foreign Minister Wang Yi on Saturday said China and ASEAN countries have demonstrated a strong desire to support each other, unite and cooperate, and jointly meet challenges against the backdrop of rampant unilateralism and protectionism, during his attendance of the ASEAN Plus foreign ministers' meetings in Malaysia. Wang said the meetings confirmed the completion of negotiations on version 3.0 of the China-ASEAN Free Trade Area and agreed to submit it for approval and signing at the leaders' meeting in October, and both sides agreed on the action plan for the comprehensive strategic partnership for the next five years, setting out over 40 goals of all-round cooperation in various fields. China and ASEAN also welcomed the completion of the third reading of the draft text of the Code of Conduct in the South China Sea (COC), he added.Australian miner BHP said it has signed an MoU with Chinese battery giant CATL to explore battery development for mining gear and locomotives, such as rapid charging infrastructure, seeking energy storage systems and battery recycling options for its mining applications.