Expanding Imports to Boost Global Trade and Economic Cooperation
In the second half of 2024, China's import market experienced fluctuations due to various external factors. However, according to the latest forecast from the General Administration of Customs, China still has significant growth potential in imports in 2025. This is not only because of China's large, multi-tiered, and highly dynamic market, but also due to its proactive efforts to expand imports, ensuring the world benefits from China’s development.
China has consistently promoted high-level opening-up, holding the China International Import Expo (CIIE) for seven consecutive years, steadily expanding market access, and lowering tariffs to create a more open and inclusive trade environment. Regardless of external uncertainties, China remains committed to global trade cooperation, firmly opposing protectionism, and taking practical steps to foster international partnerships.
Policy Stimulus Drives Export Growth
In Q4 2024, China’s exports increased by 9.2% year-on-year, an acceleration of 2.9 percentage points compared to the previous three quarters. This reflects both long-term growth momentum and the effectiveness of policy measures.
On September 26, 2024, China's Central Political Bureau introduced a series of expansionary policies, working in tandem with existing trade measures to enhance export support. Additionally, external factors such as typhoon-related shipping delays, an earlier Lunar New Year, and growing concerns over trade protectionism also influenced export patterns.
China does not actively seek a trade surplus. Instead, trade balance dynamics are shaped by global supply-demand relationships, industrial specialization, and market competition. Moreover, China's trade surplus as a percentage of GDP remains at a reasonable level, having significantly decreased from its historical peak and remaining lower than other major export-driven economies. Meanwhile, some countries imposing export restrictions on China contradict their own concerns about trade imbalances.
Diversified Trade Relations: Expanding Global Partnerships
China continues to advocate inclusive and sustainable economic globalization, with its trade network spanning across the globe. In 2024, trade with Belt and Road Initiative (BRI) partner countries accounted for 50.3% of China’s total imports and exports, exceeding half of the national trade value for the first time. Trade with the EU and the U.S. also maintained steady growth.
According to China Customs data:
- Total trade with BRI partner countries reached 22.07 trillion RMB, up 6.4% YoY;
- China-ASEAN trade grew 9% to 6.99 trillion RMB, marking nine consecutive years of expansion and five years of mutual top trade partner status;
- Trade with BRICS nations increased 5.5%;
- Trade with Latin America, Africa, Central Asia, and Central & Eastern Europe rose by 7.2%, 6.1%, 7.2%, and 7.5%, respectively.
Similarly, China’s trade with traditional markets remained robust:
- China-EU bilateral trade grew 1.6%, with trade with France, Spain, and Hungary increasing 2%, 4.5%, and 12.9%, respectively;
- China-U.S. trade rose 4.9%, aligning with overall foreign trade growth.
As China’s trade network becomes more diversified and resilient, it continues to integrate deeply into the global supply chain, demonstrating strong commitment to open trade and fostering mutually beneficial international partnerships.
Expanding Imports to Boost Global Trade and Economic Cooperation
In the second half of 2024, China's import market experienced fluctuations due to various external factors. However, according to the latest forecast from the General Administration of Customs, China still has significant growth potential in imports in 2025. This is not only because of China's large, multi-tiered, and highly dynamic market, but also due to its proactive efforts to expand imports, ensuring the world benefits from China’s development.
China has consistently promoted high-level opening-up, holding the China International Import Expo (CIIE) for seven consecutive years, steadily expanding market access, and lowering tariffs to create a more open and inclusive trade environment. Regardless of external uncertainties, China remains committed to global trade cooperation, firmly opposing protectionism, and taking practical steps to foster international partnerships.
Policy Stimulus Drives Export Growth
In Q4 2024, China’s exports increased by 9.2% year-on-year, an acceleration of 2.9 percentage points compared to the previous three quarters. This reflects both long-term growth momentum and the effectiveness of policy measures.
On September 26, 2024, China's Central Political Bureau introduced a series of expansionary policies, working in tandem with existing trade measures to enhance export support. Additionally, external factors such as typhoon-related shipping delays, an earlier Lunar New Year, and growing concerns over trade protectionism also influenced export patterns.
China does not actively seek a trade surplus. Instead, trade balance dynamics are shaped by global supply-demand relationships, industrial specialization, and market competition. Moreover, China's trade surplus as a percentage of GDP remains at a reasonable level, having significantly decreased from its historical peak and remaining lower than other major export-driven economies. Meanwhile, some countries imposing export restrictions on China contradict their own concerns about trade imbalances.
Diversified Trade Relations: Expanding Global Partnerships
China continues to advocate inclusive and sustainable economic globalization, with its trade network spanning across the globe. In 2024, trade with Belt and Road Initiative (BRI) partner countries accounted for 50.3% of China’s total imports and exports, exceeding half of the national trade value for the first time. Trade with the EU and the U.S. also maintained steady growth.
According to China Customs data:
- Total trade with BRI partner countries reached 22.07 trillion RMB, up 6.4% YoY;
- China-ASEAN trade grew 9% to 6.99 trillion RMB, marking nine consecutive years of expansion and five years of mutual top trade partner status;
- Trade with BRICS nations increased 5.5%;
- Trade with Latin America, Africa, Central Asia, and Central & Eastern Europe rose by 7.2%, 6.1%, 7.2%, and 7.5%, respectively.
Similarly, China’s trade with traditional markets remained robust:
- China-EU bilateral trade grew 1.6%, with trade with France, Spain, and Hungary increasing 2%, 4.5%, and 12.9%, respectively;
- China-U.S. trade rose 4.9%, aligning with overall foreign trade growth.
As China’s trade network becomes more diversified and resilient, it continues to integrate deeply into the global supply chain, demonstrating strong commitment to open trade and fostering mutually beneficial international partnerships.
