News Analysis: How China's push for import-export balance is making its mark on the world

BEIJING, Nov. 6 (Xinhua) -- A new campaign to expand imports, "Big Market for All: Export to China," was launched in Shanghai this Tuesday, underscoring China's commitment to wider opening up and sharing its vast market with the rest of the world.

Elaborating on the campaign's significance, Commerce Minister Wang Wentao described market access as "the most scarce resource" in today's world. He announced that the campaign would feature over 100 events each year, with the goal of establishing China as "the best export destination."

The move dovetails with the recently released recommendations for formulating the 15th Five-Year Plan (2026-2030), which advocates for balanced development of imports and exports -- a strategy set to fuel China's high-quality development and give a boost to the global economy.

MORE BALANCED TRADE

While China's economic model has long faced criticism for its reliance on export-led growth, a closer look reveals that a significant transformation is already unfolding.

Official data shows that China has ranked as the world's second-largest import market for 16 consecutive years, with goods and services imports projected to exceed 15 trillion U.S. dollars during the 14th Five-Year Plan period (2021-2025).

Import growth accelerated in the first three quarters of this year, with agricultural imports reaching 57.1 billion U.S. dollars, up 2.6 percent year on year, while imports of mechanical and electrical products and high-tech products rose 5 percent and 8.6 percent, respectively.

In recent years, China has built a comprehensive network of national, regional and online platforms to expand imports. The China International Import Expo (CIIE) is a case in point. As the world's first national-level import expo, the CIIE has achieved cumulative intended transactions exceeding 500 billion U.S. dollars over seven sessions. The ongoing eighth edition features the largest exhibition area and a record number of exhibitors to date.

"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.

DOMESTIC SIGNIFICANCE

China's push to expand imports has two major domestic goals: upgrading its industries and meeting the demands of its increasingly affluent shoppers.

On the industrial front, imports function as important inputs for technological advancement. By expanding imports of high-end goods, advanced machinery, and critical components, Chinese industries can accelerate their ascent up the value chain, said Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation.

Some observers also point to the "catfish effect" of expanded imports as a catalyst for China's industrial upgrading. The influx of foreign products raises competitive pressure in the domestic market. To survive and thrive in this more challenging environment, homegrown companies are motivated to increase R&D spending and enhance the quality and technological sophistication of their products. The process will help them secure their own market position and propel innovation and upgrading across the entire industrial chain.

Simultaneously, imports satisfy the burgeoning demands of China's expanding middle class, projected to surpass 800 million people within the next decade.

"With Chinese residents aspiring to a better life, services imports such as tourism and medical care are expected to continue rising," said Zhao Fujun, a researcher with the Development Research Center of the State Council.

WORLD'S MARKET

As China opens its vast market, it is creating substantial opportunities for economies worldwide. For developed countries, it represents access to a super-large market for high-value goods and services.

For instance, in 2018, U.S. essential oil firm doTERRA took part in the inaugural CIIE and landed an unexpected 380 million yuan (about 54 million U.S. dollars) in orders. Today, China has become doTERRA's second-largest market globally.

"Our goal is to make China our number one market by 2030," said Owen Messick, president of doTERRA China.

For developing economies, particularly those in Africa, China's import demand offers a pathway to sustainable growth. The implementation of zero-tariff treatment for 100 percent of tariff lines for 53 African nations has already yielded a 10.8 percent growth in imports from these countries during the first three quarters of 2025. This approach allows developing nations to capitalize on their comparative advantages, build manufacturing capabilities, and integrate into global value chains.

"China's import growth is not just about buying more. It is about building more inclusive and multipolar trade networks," Bai said.

Looking forward, China is expected to further facilitate customs clearance, reduce institutional costs, and forge more free trade agreements.

Over the next five years, China's balanced approach of imports and exports promises to create a more sustainable growth model for China and a more collaborative future for global trade, according to analysts. ■