The China Import Development Report 2024, released on Sunday, highlights China’s significant role in stimulating global economic growth through expanded imports. The report underscores China’s efforts to increase imports, which has strengthened economic momentum worldwide. In 2023, China imported goods valued at $2,556.76 billion, securing its position as the world’s second-largest importer for the 15th consecutive year, and representing 10.6 percent of global imports. Private enterprises contributed to 41 percent of total imports, with steady growth in both share and import value.
China’s import sources have diversified, now encompassing 246 countries and regions. With recovering domestic demand, imports of various commodities have grown, reflecting a resilient and adaptable market. “China is actively expanding imports and integrating into the global value chain, supporting the establishment of an open global economy,” commented Wei Hao, chief editor of the report and a professor at Beijing Normal University’s Business School.
The report suggests that expanding imports may help balance China’s trade with global partners and foster mutual economic benefits. This growth aims to enhance global businesses’ confidence in accessing China’s market, driving demand and creating opportunities. Since 2013, China’s imports from Belt and Road Initiative (BRI) countries have grown from $842.8 billion to $1,242.7 billion, achieving an average annual growth rate of 3.96 percent. BRI-related imports now account for approximately 45 percent of China’s total imports.
Among European countries, imports from Germany rose from $13.8 billion in 2001 to $106.2 billion in 2023, with an average annual growth rate of 9.73 percent. Imports from France grew similarly, reaching $37.3 billion in 2023. China has now become France’s seventh-largest export market, a significant rise from its 15th position in 2001.
“Imports are a key indicator of a country’s economic strength and its capacity for resource allocation,” stated Hu Jiangyun, a researcher at the Development Research Center of the State Council. Hu noted that the import of intermediate goods is essential for maintaining interconnected global supply chains and promoting sustainable economic growth.
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