China

Xinhua | English | News | Jan. 22, 2026 | UndeterminedTrade Issues and Numbers

In 2025, Guangdong Province in South China achieved a record foreign trade volume of 9.49 trillion yuan (approximately 1.36 trillion U.S. dollars), marking a 4.4 percent increase year on year. This performance has maintained Guangdong's status as China's leading provincial-level region in total trade volume for the 40th consecutive year. Exports reached 6.03 trillion yuan, up 2.5 percent, while imports rose 7.8 percent to 3.46 trillion yuan. Guangdong's foreign trade represented about one-fifth of China's national total and contributed 24.1 percent to the country’s overall foreign trade growth.

The province's export structure has shifted toward higher-end, smarter, and greener products, with electromechanical exports totaling 4.15 trillion yuan, a 7.3 percent increase, making up 68.7 percent of total exports, a rise of 3.1 percentage points from the prior year. Exports of green and intelligent products such as drones, 3D printers, and industrial robots surged by 40.9 percent, 37.1 percent, and 33.9 percent respectively, while agricultural machinery exports doubled.

Guangdong’s import demand also expanded significantly, with integrated circuit imports reaching 1.3 trillion yuan, up 15.5 percent and accounting for 37.5 percent of total imports. Essential consumer goods such as grain, dairy, aquatic products, and edible oil all recorded double-digit growth in imports. The number of companies reporting import and export activities increased 17.6 percent to 172,000, including 148,000 private enterprises, whose combined trade value rose 4.9 percent to 6.07 trillion yuan. Foreign-invested enterprises reported trade volumes of 3.03 trillion yuan, up 6.5 percent, indicating ongoing recovery.

Yicai Global | English | News | Jan. 22, 2026 | UndeterminedTech Development/Adoption

China's Gree Electric Appliances will begin mass production of silicon carbide chips for photovoltaic energy storage systems and logistics vehicles in 2026, broadening the application of its self-developed semiconductors beyond home appliances. The company has already produced over two million air conditioners equipped with silicon carbide chips, which enhance energy efficiency by reducing operating temperatures.

Gree’s silicon carbide factory, which accommodates both six-inch and eight-inch wafers, features a fully automated crane system and provides automotive-grade testing as well as foundry services to external clients. The company plans to mass-produce silicon carbide devices for PV and energy storage products, central air conditioning chillers, and logistics vehicles this year. Gree Chairwoman Dong Mingzhu recently indicated that half of the automotive chips used by GAC Group will eventually be replaced by Gree’s chips.

Since 2019, Gree has incorporated silicon carbide devices from US firms into its air conditioners, and in 2023 it launched its electronic components unit, starting production with an annual capacity of 240,000 six-inch wafers. By 2025, Gree's cumulative chip sales topped 300 million units. Despite streamlining its upstream supply chain, the company faces challenges such as intense price competition and dependence on imported machinery and equipment components.

Gree aims to enhance external partnerships to support chip design firms in manufacturing and to collaborate with suppliers to resolve industry bottlenecks. Feng Yin highlighted the broad potential of compound semiconductors like silicon carbide and gallium nitride across various applications including augmented reality glasses, electric vehicle charging stations, super energy stations, and the low-altitude economy.

Yicai Global | English | News | Jan. 22, 2026 | UndeterminedEconomic Growth

In 2025, China’s household deposits grew nearly 10 percent year on year, reaching CNY167 trillion (USD23.96 trillion) and lifting per capita savings to around CNY118,900 (USD17,060). This rise occurred despite a contraction in household borrowing, particularly in short-term loans. The data, released by the People’s Bank of China and provincial authorities, indicates a strong preference for saving amid economic uncertainty.

Provincial figures reflect similar patterns. Guangdong province recorded total deposits of CNY38.7 trillion (USD5.55 trillion), with household deposits increasing 9.3 percent to CNY15.12 trillion, and per capita savings at CNY118,300. In Zhejiang province, total deposits grew 7.3 percent to CNY24.63 trillion, while household deposits rose nearly 10 percent to CNY11.85 trillion, with per capita savings reaching CNY177,700.

On the lending front, both Guangdong and Zhejiang experienced divergence between household and corporate credit. Household loans declined slightly year on year, especially short-term consumer and operating loans, reflecting ongoing deleveraging and lack of recovery in consumption and home buying confidence. Conversely, corporate loans showed strong growth, supported by improved China-US trade relations and policy-driven financial tools, with increased bank lending driving the expansion of both short-term and medium- to long-term corporate credit.