China’s transition from the “world’s factory” to the “world’s market” is gaining pace, as the country increasingly relies on domestic demand to drive growth while opening its vast consumer base to high-quality imports from around the globe, economists and executives said.
The pledge to boost imports, outlined in the nation’s 15th Five-Year Plan (2026-30), will better position China as an anchor of global demand and a rare source of certainty, especially as protectionist headwinds and geopolitical tensions roil international trade, they added.
As part of the strategic shift, the Ministry of Commerce plans to host more than 100 “Big Market for All: Export to China” events throughout the year. These are designed to build bridges for global businesses to expand exports to China and share in the market of the world’s second-largest economy.
The first overseas event was held in Belarus on June 7, followed by the European Union’s inaugural event in Germany on June 11.
By taking the campaign to Europe at a time when the EU is advancing a suite of protectionist measures, Beijing makes clear to businesses across the continent and beyond that “regardless of how the global landscape changes, China’s door will only open wider”, said Wang Xuekun, head of the Chinese Academy of International Trade and Economic Cooperation.
“With 100-plus events this year, we are turning ‘China opportunities’ into actual contracts,” Wang said. “This is not just a policy statement. It’s a practical mechanism with actionable steps, especially for smaller businesses that have struggled to enter the Chinese market on their own.”
In the first five months of this year, China’s import growth accelerated sharply, rising 20.5 percent year-on-year, outpacing the 11.8 percent gain in exports during the same period, data from the General Administration of Customs showed earlier this month.
Amid a sluggish global recovery, Joseph Cherian, president and dean of the Asia School of Business in Malaysia, said: “Businesses can’t afford not to be in China. Not because it’s huge, but because it’s very likely where the future is being shaped.”
For multinational corporations, China has evolved beyond a massive market into a vital innovation and application hub where consumer insights directly influence product design, and the resulting innovations are then rolled out globally, generating a virtuous cycle, executives said.
“The market is massive in scale and very diverse, from top-tier cities to lower-tier cities that are also growing in wealth with advanced demands,” said Hubert de Haan, senior vice-president for China of German home appliances company BSH.
“China is an important place to be. With the competencies and capabilities that we gain here, we can also win in other parts of the world,” he said. “The high acceptance of innovation in China and the level of opening-up are a good push to speed up our innovation cycles.”
A survey released this month by the US-China Business Council found that almost half of US companies apply what they learn from their China operations to other markets — with China described as a “boxing gym” for Western companies — and believe that competing with Chinese companies will hone their skills and insights.
Despite its increasingly open market, China’s import push for advanced technological services and critical components is running up against a barrier of tightening trade restrictions imposed by other economies.
Earlier this year, Wang Jun, vice-minister of the General Administration of Customs, said: “Some countries politicize economic and trade issues and restrict exports of high-tech products to China on various pretexts. Otherwise, we would import more.”
wangkeju@chinadaily.com.cn