China's rising imports show shared opportunities for all economies

Editor's note: Liu Chunsheng, a special commentator for CGTN, is an associate professor at the Beijing-based Central University of Finance and Economics. The article reflects the author's opinions and not necessarily the views of CGTN.

Customs data shows that China's imports have outpaced exports for multiple consecutive months this year. In the first half of the year, China's import volume exceeded 10 trillion yuan ($1.5 trillion) for the first time in the same period, demonstrating the strong absorption capacity of its super-large market. China today is not only as a key global manufacturing supplier but also a dynamic market for consumption and procurement.

Supported by unilateral zero-tariff policies and open platforms such as the China International Import Expo (CIIE), an annual event held in Shanghai, agricultural and specialty goods from Global South economies have seen rising exports to China. Meanwhile, domestic manufacturing upgrading has boosted the demand for global components, energy and raw materials. China's import expansion covers a wide range of trading partners and balances consumer goods and industrial intermediates, enabling economies at all development stages to access its market.

Expanding imports is no temporary measure. It represents China's long-term commitment to balanced trade and a high-standard opening-up, empowering global growth with market access and stabilizing world trade recovery. Claims such as the "China shock" and "overcapacity" ignore facts. China's growth brings shared opportunities, not threats, and steady demand support, not market disruption.

Data confirms expanding domestic demand

In the first half (H1) of the year, China's import growth notably outpaced export expansion, directly narrowing the trade surplus by 4.7% and steering the overall trade structure toward greater balance. This dispels the stereotype that China "exports much but imports little." In June alone, imports surged 29.4% year on year, reflecting robust domestic demand backed by recovering industrial output and untapped household consumption potential.

The underlying driver of import growth lies is China's dual role as the world's second-largest consumer market and top manufacturing powerhouse. For 17 consecutive years, China has retained its position as the world's second-biggest importer, accounting for roughly 10% of global imports.

Demand growth stems from two sources: Industrial upgrading fuels purchases of intermediate goods and production inputs while rising consumer appetite boosts imports of premium finished goods and specialty farm produce. By category, imports of metal ores climbed 22.6% in H1, electronic components jumped 45.6%, while edible oil and aquatic product imports rose 19.2% and 24.1% respectively. Rising volumes of energy commodities, high-end components and consumer goods span the entire industrial chain from upstream raw materials to end consumption.

Notably, China's import growth delivers broad-based benefits. Import growth was registered from more than 150 countries and regions, rather than relying on a small group of trade partners, sharing market opportunities worldwide.

To date, zero-tariff treatment applies to 63 countries. Following full zero-tariff arrangements with 53 African diplomatic partners, China's imports from Africa hit 193.8 billion yuan ($29 billion) in May and June, up 23.5% year on year. Imports of specialty fruits such as avocados and citrus fruits multiplied, enabling Global South economies to sell their products in China at lower costs. Rising import figures demonstrate that China's super-large market is not a static market with fixed stock, but an expanding dynamic market generating new demand and capable of absorbing global goods in the long run.

Diversified partners and goods: An inclusive import structure

The Association of Southeast Asian Nations (ASEAN) remained China's largest import source, with imports worth $229.91 billion and a 14.8% share. South Korea, the Taiwan region and Japan ranked as the top individual suppliers, recording imports of $138.59 billion, $133.15 billion and $95.89 billion, with a growth of 61.5%, 22.5% and 28.9% respectively. Electronic components anchored bilateral trade. Russia, Brazil and Australia supplied crude oil, natural gas and iron ore, while nations across Africa and Latin America exported farm produce and specialty goods. Advanced parts and chemicals came from developed economies. Each participant leveraged its comparative advantage.

China's imports fall into three categories. Electronic intermediates such as integrated circuits and memory chips fuel smart manufacturing and AI-related industries, explaining the sharp import growth from Northeast Asian suppliers; energy and mineral commodities sustain industrial operations and support resource exporters; upgraded household demand drives imports of fruits, seafood and food from Southeast Asia, Africa and Latin America, facilitated by zero tariffs and the CIIE.

This balanced mix of intermediate and consumer goods reflects genuine domestic needs. China's integration into global value chains by sourcing worldwide inputs and opening its consumer market widely have created opportunities for both advanced industrial economies and commodity exporters.

Expanding imports as an opening strategy

Expanding imports is embedded in China's pursuit of balanced trade and high-level opening-up, rather than a short-term policy. Institutional arrangements including the CIIE, updated free trade agreement tariff cuts and new import formats such as cross-border e-commerce have lowered market access thresholds for foreign goods.

Insufficient worldwide demand is a big headwind facing global trade today. Rising Chinese imports provide reliable countercyclical demand. Looking ahead, new industrialization and digital transition will lift purchases of advanced equipment and components. Higher household incomes will expand demand for imported consumer goods. The Belt and Road Initiative will also deepen trade links with emerging markets. China will continue pursuing balanced two-way trade instead of prioritizing surpluses.

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