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Chinese economy demonstrates resilience in face of external volatility

By Yan Xingzhou | chinadaily.com.cn | Updated: 2026-03-16 14:25
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Yao Jingyuan (left), special researcher at the Counsellors' Office of the State Council, speaks at the Domestic and International Contexts and Policy Directions for High-quality Economic Development in China's 15th Five-year Plan period (2026-30), in Beijing on Friday. [Photo by Yan Xingzhou/chinadaily.com.cn]

China's economy has demonstrated remarkable resilience.

The country is proactively addressing geopolitical challenges, with a strategic pivot toward bolstering domestic stability and certainty as a bulwark against external volatility, Yao Jingyuan, special researcher at the Counsellors' Office of the State Council, said at a forum hosted by the All-China Journalists Association on Friday.

"Geopolitical complexities and unforeseen contingencies continue to cloud the global outlook, inevitably casting a shadow over the world economy. Yet China has maintained a sober-minded approach throughout its decades of rapid economic growth," he said.

At the forum, he highlighted that the resilience of China's economy is exemplified by its robust import and export performances.

In 2025, the country's total import-export value reached 45.47 trillion yuan ($6.35 trillion), achieving an 8.51 trillion yuan trade surplus — "an outcome that defied even the most optimistic forecasts," Yao said.

China's foreign trade volume reached 7.73 trillion yuan, grew 18.3 percent year-on-year in the first two months of 2026, data from the General Administration of Customs showed.

Exports rose 19.2 percent from the same period last year to reach 4.62 trillion yuan, while imports went up 17.1 percent to 3.11 trillion yuan, according to the data.

Yao also pointed out the reasons that explain the resilience of China's foreign trade.

First, an unparalleled industrial ecosystem. "China stands alone globally in possessing all 41 industrial categories, 207 mid-tier classifications, and 666 sub-sectors as defined by the United Nations," he said. "This comprehensive supply chain architecture enables the manufacturing of virtually any product demanded worldwide."

Second is China's unmatched production capacity. "Whatever the product, Chinese manufacturers consistently achieve the dual feat of minimizing costs while maximizing output," Yao said. "That is the capability of Chinese industry."

Third, substantive governmental support. Local authorities provide tangible assistance in many aspects, such as help on developing new clients, and launching new products." Yao said.

Beyond trade, Yao also highlighted that China's energy structure provides additional resilience against oil price volatility.

Coal remains the bedrock of China's energy security. Beyond this foundation, the country has expanded renewable energy capacity, such as solar, hydropower, and wind power.

China's coal production reached 4.8 billion metric tons in 2025, with coal-to-liquid technology fully operational.

"This means oil price surges will not pose significant difficulties for China's economy," Yao emphasized.

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