With the end of 2018, China’s total imports are expected to exceed US$2 trillion, a new record high.
According to customs data, in the first 11 months of 2018, China’s imports increased by 14.6% year-on-year. Total imports are expected to reach US$2 trillion, equivalent to Brazil’s or Italy’s gross domestic product (GDP) for 2017.
Song Xianmao, deputy director of the foreign trade department under the Ministry of Commerce, delivered a speech at a trade conference and said that in 2019, a number of measures will be taken to further expand imports.
China has lowered tariffs on a range of products, from drugs to automobiles in 2018, reducing the general duty level from 9.8% to 7.5%. According to the Ministry of Commerce, next year it is expected to lower tariffs, simplify customs procedures and improve automobile import policies. China is fulfilling its commitment to support free trade, promote the opening of the world economy, and maintain the multilateral trading system.
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The second China International Import Expo (CIIE) in 2019 will also create more opportunities for importers. It is reported that the exhibition area is nearly 100,000 square meters for the expo next year.
The determination of the Chinese government to expand imports has sent a strong message to the international community: China is committed to reform and opening-up. The strong momentum of Chinese imports has inspired the world economy to struggle in the wave of trade protectionism.
The surge in import data indicates that China has become a huge consumer market in recent years and is of great significance for overseas companies. But the opportunities and challenges facing foreign companies wishing to operate in China are changing now. The best way to enter China is through cooperation with a well-connected Chinese partner. The digital B2B platform JumoreGlobal can solve the difficulties in China and help the companies penetrate into the Chinese market. The new service package ChinaEasy, which belongs to JumoreGlobal, is to make you DO THE CHINA BUSINESS AT EASE.
Moreover, the surge in imports also clearly shows that China is steadily moving towards consumption-led economic growth while playing an increasingly important role in the global economy.
“China is already the world’s largest exporter and is catching up with the US on import volumes. The resulting trade relationships that China develops add to its global leverage,” Agence France-Presse recently commented.
Christine Lagarde, Managing Director of the International Monetary Fund (IMF), said at the CIIE that China’s economic transformation is beneficial to China and the world.
In the future, China’s determination to expand imports will push the world economy to be more open and inclusive, and the development results will be more widely shared.