A Chinese Customs official stated on Monday that there is still significant room for growth in China’s imports this year, signaling optimism for the country’s trade outlook.
Key figures for 2024 include a forecasted import value of CNY 18.39 trillion, representing a 2.3% year-on-year increase in Yuan-denominated imports. Meanwhile, China’s exports are expected to rise by 7.1% year-on-year in 2024, contributing to a trade surplus of $992.16 billion.
Despite facing challenges such as global commodity price fluctuations in the second half of 2024 and the impact of certain countries’ “politicization of economic and trade issues” and “abuse of export controls,” the Chinese government remains committed to stabilizing trade. Officials indicated that more targeted measures will be rolled out at the appropriate time to support this goal.
China’s trade surplus as a percentage of GDP remains within a reasonable range, and the country continues to prioritize economic openness, firmly opposing trade protectionism. The official emphasized that, despite external uncertainties, China’s exports are expected to show resilience and vitality in 2025.
Addressing concerns about overcapacity, the official reiterated that this issue does not exist, either from China’s comparative advantage or global market demand perspectives. Criticism of China’s steel industry, which is accused of overcapacity, was dismissed as a misunderstanding that harms China’s development. Furthermore, trade protectionism in sectors like steel is seen as detrimental to global trade rules, increasing downstream production costs and destabilizing global supply chains. China remains committed to abiding by World Trade Organization (WTO) rules and continues to support global trade stability.
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