China doubles down on export growth, defying global pressure over subsidised goods

Despite mounting global resistance to its surging shipments of low-cost goods, China has pledged to increase support for exporting companies. Beijing's new policies aim to sustain its export boom, which is on track to reach record levels, even as trading partners accuse it of undercutting local industries and distorting global markets.

Wang Shouwen, China's international trade representative and vice minister of commerce, announced a range of measures to support exporters. These include financial aid, insurance assistance, and directives to expand cargo capacity through state-backed shipping firms. "Our focus is on promoting high-quality trade and addressing practical challenges faced by Chinese companies," Wang said during a press conference in Beijing.

When keeping an eye on the aluminium sector, the country's exports of semi-manufactured aluminium products such as bars, sheets and tubes are witnessed to be totalled at a massive 5.2 million tonnes in 2023. They will be higher still this year, according to Reuters. Outbound shipments grew by 17 per cent in the first nine months (January to September) of 2024.