China's import push offers opportunities

China launched a major trade and consumption campaign in Hangzhou, Zhejiang province, on Sunday as part of its "Big Market for All: Export to China" initiative, further integrating import promotion with consumption upgrade, while highlighting opportunities for others in the nation's vast market.

The venue for the three-day event, titled "Buy Global in Zhejiang, Drive Consumption with Hangzhou", spans 20,000 square meters and features two main zones displaying imported goods and consumer products from multiple countries.

Speaking at the launching ceremony, Commerce Minister Wang Wentao said that China will host more than 100 related events, and will deepen cooperation through dedicated trade promotion activities with countries including the United Kingdom, Spain and Kazakhstan.

The initiative was launched in November with the objective of expanding the country's import channels and bringing more high-quality global products and services into its market.

Wang said the government will strengthen coordination between the "Export to China" and "Shopping in China" initiatives, improve supply and demand alignment and facilitate two-way engagement by encouraging Chinese companies to explore overseas markets and vice versa, as well as by better aligning global supply with the country's diverse market demand.

These efforts align with China's broader policy priorities. According to the outline of the 15th Five-Year Plan (2026-30) for national economic and social development, China will strengthen coordination between imports and exports, place equal emphasis on trade in goods and services, and better integrate efforts to attract foreign investment and promote outbound investment.

The Ministry of Commerce said that China and the UK signed a memorandum of understanding on "Big Market for All: Export to China" cooperation in January. It added that China is currently in advanced stages of talks with France and Spain, and more than 30 economies have expressed interest in deeper participation in the initiative.

Yao Gaoyuan, mayor of Hangzhou, said the city will introduce tailored measures to boost imports, foster new consumption scenarios and organize targeted procurement matchmaking sessions, with intended import deals from the event expected to reach 30 billion yuan ($4.4 billion).

The trend is also reflected in the latest foreign trade data. Figures from the General Administration of Customs show that China's imports grew 17.1 percent year-on-year to 3.11 trillion yuan in the first two months of this year.

Xiao Lu, deputy director-general at the ministry's department of foreign trade, said that such efforts reflect China's commitment to making its market more accessible and expanding unilateral opening-up measures.

"The country aims to promote global trade growth and respond to the concerns of trade partners through steps that deliver tangible benefits for all sides," she said.

Chen Jianwei, a researcher specializing in foreign trade at the University of International Business and Economics in Beijing, said that amid rising geoeconomic fragmentation and subdued demand in some regions, "China's continued push to expand imports could help stabilize global trade flows and create new opportunities for international businesses".

Voith Group, a German industrial systems and services company, said it sees growing opportunities for its turbine generators in China, as the latter continues to expand imports and deepen international industrial cooperation.

Contact the writers at zhongnan@chinadaily.com.cn