Balanced trade — China's unremitting pursuit

A range of preferential trade policies newly enacted by Chinese authorities have sent an unequivocal message that China means business when it comes to boosting imports and pursuing balanced trade, which has multiple far-reaching influences that benefit the world.

As of Jan 1, China began applying provisional import tariff rates lower than the most-favored-nation rates on 935 items. This move is expected to further unleash the country's purchasing demand, especially for import items that are conducive to industrial upgrading, green transformation and the improvement of people's well-being, and to strengthen its upward trend in imports.

Despite the disruptions from uncertainties in global trade policies, such as intensified trade restrictive measures, and the significant decline in international commodity prices, China achieved growth in goods imports from June to November last year. In the first 11 months, China posted simultaneous growth in both exports and imports with over 110 countries and regions worldwide, an increase of more than 20 from a year earlier.

Since the country granted 100 percent duty-free treatment for all products from the least developed countries that have established diplomatic relations with China on Dec 1, 2024, China's imports from relevant countries have seen an increase of 55 billion yuan (7.83 billion US dollars), reflecting a robust export momentum of the Global South.

For the world's second-largest importer, pursuing the balanced development of imports and exports has been a long-term strategy. It has been included in the recommendations of China's top leadership for formulating the country's 15th Five-Year Plan (2026-2030), and serves as an integral demand of the country's broader pursuit of high-quality development.

Given expanding imports has clear benefits, such as boosting domestic consumption, promoting industrial upgrading, sharing development opportunities with trade partners, and smoothing trade relations, promoting balanced trade will be a stable policy expectation, regardless of how volatile the global trade environment is.

Systematic and concrete measures to that end have been introduced. To date, China's overall tariff level has been cut to 7.3 percent — a level nearing the average of developed countries. China continues to offer zero-tariff treatment on 100 percent of tariff lines to all the least developed countries having diplomatic relations with China. Moreover, it is the first major developing country and a major global economy to implement such a unilateral opening-up initiative. The annual China International Import Expo since 2018 is further evidence of the country's import expansion drive, attesting to the vitality of the Chinese market.

In services trade, China is running at a deficit, but that is precisely where it is building huge potential for future growth.

China has consistently improved its negative list management system for cross-border services trade, and expanded the opening up of its digital sector in an orderly manner. In the first 11 months of 2025, its services trade reached over 7.2 trillion yuan, up 7.1 percent year on year.

The recent island-wide special customs operations of the Hainan Free Trade Port were a milestone move in the country's long-term plans to align with international standards. These changes are set to open up more opportunities in service sectors such as healthcare and education, make it easier for overseas goods to enter the market, expand zero-tariff coverage, and lower tax and production costs.

China's unremitting efforts are grounded in its ultra-large market scale — with a population of 1.4 billion — and its immense potential has yet to be fully unlocked, providing ample space for global innovative technology to gain market feedback and rake in commercial profits.

During the 14th Five-Year Plan period (2021-2025), its total of goods and services import value is expected to exceed 15 trillion US dollars. China's enormous market demand and efficient industrial chain support will continue to provide multinational companies with broader development opportunities.

Despite its prominent advantages in manufacturing, China pursues no trade surplus at all, but instead hopes to fully leverage both domestic and international markets and resources to better meet the multi-level and diverse needs of the people, and foster international cooperation and win-win outcomes.

Rooted in a long-term vision and a commitment to the international community, China's push for balanced trade is a rational, built-in policy that seeks a more resilient and sustainable type of economic growth. This serves the interests of both China and the global community.

What's noteworthy is that facilitating trade balance across the world needs all countries involved to uphold multilateralism and globalization, oppose zero-sum game mentality, streamline bureaucratic procedures, and allow freer flows of goods and services.