China launched a new initiative on Tuesday aimed at boosting domestic demand for imported goods as part of Beijing’s broader effort to transform the nation into a leading consumer-driven economy.
Premier Li Qiang and Commerce Minister Wang Wentao revealed the launch of the ‘Big Market for All: Export to China’ campaign, under which Beijing will connect foreign manufacturers with Chinese buyers and host additional import expos. Wang described the move as an effort to ‘make China the best export destination for more countries.’
The initiative comes just days after China and the United States agreed to a temporary truce in their trade war during a meeting between President Donald Trump and Xi Jinping in South Korea, marking a tentative end to months of economic and technological tensions.
China stands as the leading global exporter of goods, with a global trade surplus of almost $1 trillion in 2024, according to government figures.
In recent years, Chinese authorities have worked to stimulate domestic consumption and showcase the country’s openness to global businesses through initiatives such as the large-scale annual China International Import Expo, which resumes in Shanghai this week.
On Tuesday, Wang stated that China plans to designate five or six countries each year as key partners in its import promotion efforts, though he did not reveal which nations would be selected.
Sean Stein, president of the U.S.-China Business Council, said that the initiative could help strengthen bilateral trade and urged Beijing to uphold “clear rules, fair competition, and a predictable business environment.”
Chinese officials have faced challenges in steering the world’s second-largest economy through a difficult period characterized by weak consumer spending, an ongoing property market crisis, and trade tensions with the United States. Last month, Wang emphasized the need for ‘balanced growth’ between imports and exports.
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