China’s foreign trade has maintained a two-way balance this year, with the pace of import growth surpassing export growth for five consecutive months. China is not only a super seller in the global market but is also becoming a major buyer. In the first seven months of this year, China’s imports increased by 22 percent compared with the same period last year.
In the first half of the year, China’s imports reached 10.74 trillion yuan. China imposed zero tariffs on products from 63 countries, while the general tariff level was reduced to as low as 7.3 percent. During the same period, China remained a major export destination for nearly 80 countries and regions and has been the world’s second-largest import market for 17 consecutive years. In this regard, its average annual growth rate has stood at 5.1 percent.
On the one hand, China’s manufacturing industry has accelerated imports of large quantities of raw materials and components, such as iron ore and electronic parts. On the other hand, relying on its zero-tariff policy for African countries, the cost of products such as African coffee beans has declined. The strong magnetic attraction of China’s vast market continues to draw high-quality consumer goods from around the world. By making use of platforms such as import expos, distinctive products from across the world can enter the Chinese market rapidly. Not only African countries, but an increasing number of countries now regard China as a key market. The growing trend of exporting high-quality products to China reflects the value placed on China’s vast consumer base, comprehensive industrial chains and sustained commitment to openness.
Several international organisations have noted that the continuous release of import potential from China’s vast market is providing strong momentum for the stable operation of global supply chains and the growth of world trade. Experts say China is not merely a destination for exported goods, but also a key indicator of global demand. Relying on high-standard opening-up and strong industrial supporting capacity, China continues to attract foreign investment while consolidating its key position in global supply chains.
An even larger Chinese market is becoming an important destination for global products, resources, technologies and equipment. The Chinese market is not merely a destination for goods, but also an important platform for sharing opportunities across global industrial chains.
Source: Prema-Alim-Cai, China Media Group.