As of December 2024, China's foreign trade figures have reached a staggering 43.85 trillion yuan, marking a 5% year-on-year increase and setting a historic highExports have climbed by 7.1%, while imports only saw a modest rise of 2.3%. This vibrant performance, however, is not solely about numbers; it underscores China's commitment to green trade, aligning with its dual carbon goals and contributing to a global transition towards low-carbon economies.

The notion of "green products" has emerged as a powerful emblem of this shiftWith several measures introduced to stabilize and grow foreign trade in late September 2024, the sector witnessed a significant boost, culminating in a remarkable quarter where trade value exceeded 11.51 trillion yuanDecember was particularly noteworthy, as for the first time, monthly trade volumes broke the 4 trillion yuan barrier with a growth rate of 6.8%. Analysts hailed the year as a triumph for China’s external trade.

According to Professor Sang Baichuan, Director of the International Economy Research Institute at the University of International Business and Economics, the success story for China’s trade in 2024 is not only reflected in overall figures and growth rates but is also greatly attributed to improved product structures

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More focus has been placed on enhancing the added value of productsFor instance, exports of electromechanical products surged, now accounting for 59.4% of total exportsAdditionally, the automotive sector surpassed six million units in exports for the first timeMeanwhile, the burgeoning fields of energy storage and smart home technology have reflected robust growth, echoing a shift towards more innovative and sustainable industries.

This inclination towards a green economy is reinforced by China’s strategic goal of achieving carbon neutralityThe country has developed the largest and most comprehensive renewable energy industry system globally, laying a solid foundation for the expansion of green tradeAs Meng Yue, Director of the Department of Foreign Trade at the Ministry of Commerce, stated, Chinese foreign trade enterprises have actively aligned themselves with this trend, converting green and low-carbon philosophies into high-quality products, thereby enriching global supply chains and playing an integral role in the fight against climate change.

Over the past year, China has led the global charge in green trade

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Notably, in the renewable energy sector, the statistics for 2024 are impressive: wind turbine exports soared by 71.9%, photovoltaic product exports have consistently surpassed 200 billion yuan for four consecutive years, and lithium battery exports reached a historical high of 3.91 billion unitsIn terms of green transportation, China continues to see growth in the export of electric locomotives, while electric motorcycles and bikes have made significant inroads into international markets, with exports exceeding 40 billion yuan for the first time.

As Professor Sang concluded, the ability of Chinese foreign trade to maintain rapid growth is significantly linked to the green transformation of its enterprisesChina's economic upgrade and transformation have garnered global accolades for its achievements in green developmentThe dual carbon targets have transcended mere policy into actionable strategies among numerous foreign trade firms, reflecting a significant trend where the increased supply of green products by China assists other nations in reducing carbon emissions, thereby pushing forward the agenda of sustainable development worldwide.

The urgency of developing green trade and pushing for a low-carbon transformation resonates widely today

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China's green products are not just enhancing the global supply chain but are pivotal in aiding countries worldwide in their climate response efforts and transitions towards low-carbon economies.

Xie Lanlan, a research fellow at the World Economic Research Department of the China Center for International Economic Exchanges, believes that over the past decade, China has been an indispensable force in global green transformations, reducing costs for wind and solar energy generation by over 60% and 80% respectivelyJust in 2023, China's export of wind and photovoltaic products helped other countries and regions reduce carbon emissions by a remarkable 810 million tons, a feat unmatched by any other nation.

2024 has seen explosive growth in the export of China's green energy and transportation sectors, illustrating a proactive choice by the global market and showcasing the responsibilities that a nation of great influence holds towards global green development

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China’s exports of green products, matching its comparative advantages, are effectively narrowing the technological and financial gaps faced by developing countries, decreasing reliance on fossil fuels, and accelerating the worldwide transition to sustainable practices.

Take the example of JinkoSolar providing a "photovoltaic plus storage" solution in Kenya, where the capital Nairobi and the city of Kisumu are benefitting from these advancementsIn November 2024, JinkoSolar shipped its first commercial energy storage system, capable of storing 2.32 MWh of energyThis project is projected to stabilize electricity supply for local businesses, cut electricity costs, and effectively reduce environmental pollution tied to diesel generators, which are widely used across Africa.

Sun Guangbin, President of JinkoSolar’s Global Public Affairs Center, has expressed optimism about the future of the photovoltaic market as a cost-effective and eco-friendly alternative to fossil fuels

The company aims to continue expanding green trade in Africa, Asia, and Latin America, pushing for substantial growth in local clean energy sectors.

Even traditional industries are harnessing the shift toward green tradeIn Anji County, Huzhou City, Zhejiang Province, local authorities have focused on carbon neutrality goals, leveraging their bamboo resources to explore carbon sink reformsBy promoting bamboo and green home industries, the county is carving a new path for low-carbon industrial growthIn the period from January to November 2024, Anji's bamboo product exports reached 550 million yuan, while the green home industry saw 20.45 billion yuan in exports, marking a 9.6% increase.

Xie Lanlan emphasizes that traditional export-oriented industries have immense potential for greener transformations, which could broaden the added value space for labor-intensive products like furniture and textiles.

The future of green trade looks promising, with the need for a more integrated approach in foreign trade to foster innovation and create a greater supply of green technologies and products

It’s vital to advance the entire industry chain towards a collaborative green development.

From individual companies to industry associations, there is a collective effort to pool resources, leverage strengths, and facilitate the smooth progression of global low-carbon transformation and sustainable developmentIn 2021, the China Chamber of Commerce for Import and Export of Machinery and Electronic Products established a committee focusing on international cooperation for green and low-carbon initiatives, emphasizing the association's pivotal role in building a robust system around green trade.

Furthermore, in March 2023, during an international industrial cooperation conference held in Singapore, the chamber introduced the “China Electromechanical Industry Carbon Neutrality Information Disclosure Platform.” This platform centers on three core functions—carbon data verification, carbon reduction solutions, and carbon finance—aimed at guiding electromechanical companies in complying with carbon neutrality info disclosure and performance under the dual carbon targets.

With this initiative, in March 2024, the chamber released its first carbon labeling standards for China’s electromechanical products in Singapore, marking a significant milestone in enhancing local carbon footprint management and advancing international agreement on carbon standards.

As Meng Yue illustrates, since the beginning of 2024, the Ministry of Commerce has been continuously monitoring trends in green trade, understanding the needs of foreign trade enterprises, and therefore organizing specialized training sessions, developing knowledge handbooks, and showcasing exemplary cases