Why and how China pursues import-export balance

BEIJING - China is advancing a strategy to balance import and export growth, a move aligned with its 15th Five-Year Plan (2026-2030) and poised to fuel high-quality development in the country while contributing to global economic stability.

In 2024, China's total value of goods imports and exports surpassed 43 trillion yuan ($6.07 trillion), setting a new historical record. Exports reached 25.45 trillion yuan, marking eight consecutive years of growth, while imports totaled 18.39 trillion yuan. The trade surplus exceeding 7 trillion yuan has attracted widespread attention.

An official from the General Administration of Customs said that China does not pursue trade surpluses. The specific scale of exports, imports, and the trade balance results from a combination of factors, including international supply and demand, the division of labor within industries, and market competition.

Chen Hongna, an associate researcher at the Development Research Center of the State Council, said that trade imbalance is a global challenge, noting that it stems not only from objective economic laws but also from countries' comparative advantages and macroeconomic factors.

"Based on China's own development needs, emphasizing balanced import-export development aims to drive domestic consumption upgrading and industrial transformation through imports, share development opportunities with trade partners, thereby alleviating trade imbalances and enhancing proactive response capabilities," said Chen.

To that end, China is implementing concrete measures, including promoting market diversification, integrating domestic and foreign trade, expanding trade in intermediate goods and green trade, vigorously developing service trade, improving the negative list management system for cross-border service trade, and orderly expanding opening-up in the digital sector.

The targeted measures aim to stabilize exports by enhancing resilience to shocks and adaptability to regulatory changes, while also expanding imports of key high-quality goods and services.

China has established a comprehensive network of national, regional, and online platforms to expand imports, with the China International Import Expo (CIIE) being a prominent example.

As the world's first national-level import expo, the CIIE has achieved cumulative intended transactions exceeding $583 billion over eight sessions. The total value of transactions at the eighth CIIE, which ended earlier this month, reached a record high of $83.49 billion, up 4.4 percent from the previous edition.

Chinese Minister of Commerce Wang Wentao said in October that high-standard opening-up has become a major endeavor that benefits both China and the world. In 2024, China was a major trading partner for more than 150 countries and regions.

During the 14th Five-Year Plan period (2021-2025), the value of imports of goods and services is expected to exceed $15 trillion, according to Wang. China's outbound investment has contributed over $300 billion in tax revenue to host countries, creating substantial employment opportunities and promoting local industrialization and modernization.

Industry experts believe that, as China advances the process of high-standard opening-up, it is necessary to stabilize exports while expanding imports.

"Over the next five years, as external demand ceases to be the sole pillar of its growth, China will synergize wider opening-up with a bolstered domestic market to pursue more balanced growth in both exports and imports," according to a report by KPMG China, noting that China's enormous market demand and efficient industrial chain support will continue to provide multinational companies with broader development opportunities.