China-SCO trade hits record high as cooperation deepens

China's trade volume with fellow Shanghai Cooperation Organisation (SCO) members reached a record high in the first seven months of this year, data from the General Administration of Customs (GAC) showed.

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According to China Central Television (CCTV), from January to July, China's total imports and exports with SCO members reached 2.11 trillion yuan (about $294 billion), marking a 3 per cent increase year-on-year.

Notably, China's trade with fellow SCO members surged 8.5 per cent to 326.05 billion yuan in July, marking the highest monthly value and growth rate so far this year.

Agricultural trade has been a key driver, with China’s exports of agricultural machinery and pesticide formulations to SCO partners rising by 47.8 per cent and 30.3 per cent, respectively, while its imports of their agricultural products rose 6.2 per cent during the seven-month period.

The SCO has steadily expanded and deepened cooperation across all sectors since its founding in 2001, driving intra-regional trade to successive record highs.

In 2024 alone, China's trade with other SCO members hit 3.65 trillion yuan, 36.3 times the level recorded when the organisation was established, according to GAC data

Mainland China stocks advanced on Thursday, with the Shanghai benchmark closing at a decade high level, driven by hefty gains in fintech and stable coin-concept shares after a Reuters report signalled a major shift in Beijing's stance on digital assets.