China’s total foreign trade volume reached 28.5 trillion yuan (about 4.14 trillion U.S. dollars) in the first 11 months of 2019, up 2.4 percent year on year, according to the latest data released by the Chinese Ministry of Commerce.

Speaking at the National Business Conference held in Beijing on Monday, officials with the Ministry of Commerce (MOC) said that China’s foreign trade has registered steady growth with its structure continuously improving so far this year, against the backdrop of rising risks and challenges at home and abroad.

“It is expected that the foreign trade volume for the whole year will be over 30 trillion yuan (about 4.3 trillion U.S. dollars), which is likely to exceed that of last year and hit a new high.

Besides, China’s export has a higher growth rate than the average level of major global economies,” Li Xingqian, Head of the Department of Foreign Investment Administration at the MOC, told the conference.

China’s foreign trade structure has been undergoing continuous improvement so far this year. The share of exports contributed by private enterprises exceeded 50 percent to reach 51.5 percent in the first 11 months.

The total trade volume between China and Belt & Road Countries accounted for 29.3 percent of the total foreign trade volume in the 11 month period. The export of high-tech, high-quality, and high value-added products has grown rapidly.

Cross-border e-commerce retail imports and exports increased by 30 percent year on year in the 11 month period

“China has a huge market and is the second-largest importer in the world, with its import volume accounting for more than 10 percent of the world’s total. China has taken the initiative to reduce import tariffs many times, and the average import tariff rate has dropped significantly from 9.8 percent to 7.4 percent.

China’s trade policy of actively increasing imports is of great benefit to all countries in the world,” Li added.