China Launches Campaign to Boost Imports and Consumer Spending

China has initiated a new programme aimed at increasing the import of foreign goods, as part of its strategy to transform the nation into a major consumer economy. On November 4, 2024, Premier Li Qiang and Commerce Minister Wang Wentao formally launched the “Big Market for All: Export to China” campaign. This initiative will facilitate connections between foreign manufacturers and domestic buyers while organizing more import expos, positioning China as an attractive export destination for various countries.

The timing of this announcement follows a recent meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea, where the two leaders agreed to pause the ongoing trade conflict. This development is significant as it comes after a prolonged period of economic tension between these two global powers.

China currently holds the title of the world’s largest exporter, boasting a remarkable global trade surplus of nearly US$1 trillion in 2024. In recent years, the Chinese government has focused on enhancing domestic consumption and fostering an open environment for foreign businesses. The highly anticipated annual China International Import Expo, which is set to reopen in Shanghai this week, embodies these efforts.

In his address on Tuesday, Minister Wang indicated that China plans to select five or six countries annually to serve as special partners in this import promotion initiative. While he did not disclose the specific nations that will be included, the emphasis on partnership highlights China’s commitment to expanding its import market.

During the event, Sean Stein, president of the US-China Business Council, acknowledged the potential benefits of the initiative for bilateral trade. He urged Chinese authorities to implement “clear rules, fair competition, and a predictable business environment” to ensure that the campaign succeeds in its goals.

China has faced challenges in steering its economy through recent years characterized by sluggish domestic spending and ongoing issues within its property sector. Minister Wang previously noted the importance of achieving balanced development between imports and exports. He emphasized the need to expand imports to address the demands of industrial transformation and to improve the quality of life for Chinese citizens.

This new programme represents a proactive step in promoting economic growth and enhancing China’s position in the global marketplace. As the country continues to navigate its economic landscape, the commitment to boosting imports could play a pivotal role in revitalizing consumer spending and fostering international trade relations.