A representative from China’s Customs administration stated that there remains significant potential for growth in the country’s import sector this year. Projections for 2024 indicate that the total value of imports will reach CNY 18.39 trillion, which signifies a 2.3% increase compared to the previous year. In parallel, exports in Yuan are anticipated to climb by 7.1%, showcasing a robust trade landscape with an expected trade surplus of $992.16 billion.
The import environment has faced challenges owing to the volatility in global commodity prices, particularly during the latter half of 2023. External factors such as the politicization of trade and the use of export controls from various nations have also resulted in impediments to China’s import growth last year. In light of these challenges, officials have indicated that they are prepared to deploy targeted strategies to stabilize trade when necessary.
Current data reveals that China’s trade surplus, when compared to its GDP, remains at a sustainable level. Despite potential shifts in the global economic landscape, China is committed to further opening its economy and firmly stands against trade protectionist measures. Although the external conditions are becoming increasingly uncertain, there is a strong belief among officials about the resilience and dynamism of China’s export capabilities looking toward 2025.
Concerns regarding overcapacity in China are characterized as exaggerated, with officials arguing that such assertions fail to acknowledge the country’s competitive advantages and the overall demand in global markets. The repeated focus on overcapacity is seen as harmful to China’s economic growth trajectory. Adhering to World Trade Organization regulations, China’s advancements in its steel sector are primarily aimed at fulfilling domestic market requirements. Moreover, efforts to impose protectionist measures on China’s steel industry are criticized for potentially harming global trade frameworks and increasing production costs, which could disrupt global supply chain stability.
