Beijing vows to expand imports amid ‘China shock’ fears
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Amid growing international scrutiny of its large trade surplus, Beijing has pledged to expand imports to help other countries boost exports to China. Commerce Minister Wang Wentao announced plans to increase imports of agricultural products, high-end consumer goods, and advanced technology in 2024. China aims to diversify markets and foster new trade drivers like artificial intelligence to stabilize trade amid geopolitical pressures. The government will also release a report evaluating the export capabilities of selected countries to facilitate trade with China. Despite a decrease in exports to the US, China's overall exports increased last year due to successful market diversification, a strategy Beijing intends to continue.
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AI-ExtractedDespite a 19.5 per cent drop in exports to the United States in yuan terms last year, overall exports rose 6.1 per cent.
Commerce Minister Wang Wentao said Beijing would increase imports of agricultural products, high-end consumer goods and advanced technology this year.
China’s record US$1.19 trillion trade surplus last year unsettled trading partners.
Beijing also planned to diversify markets and nurture new trade drivers such as artificial intelligence.
Beijing has pledged to expand imports and use its vast market to help other countries boost exports.
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