In the bustling heart of China's export powerhouse, Yiwu, located in East China's Zhejiang Province, a campaign to expand imports is underway. According to a report released by Yiwu Fabu, the city's official social media account, on Wednesday, the Yiwu Bonded Logistics Centre achieved imports of 6.907 billion yuan ($961.2 million) from January to May, a 49.2-percent year-on-year increase. Notably, imports for May alone reached 2.48 billion yuan, up 149.7 percent, setting a new record.
Yiwu is often referred to as the barometer of China's foreign trade. The city's initiative to boost imports is not just a local economic strategy but also aligns with China's broader policy goals of embracing greater openness and encouraging imports. Amid the rise of global trade protectionism, Yiwu's increasing demand for imports offers insight into the evolving landscape of foreign trade in China, showcasing its proactive efforts to combat protectionism.
Yiwu initiated its import trade innovation pilot program in December last year. This initiative represents the city's first reform effort following the State Council's approval of a comprehensive plan aimed at advancing international trade reforms in the city, according to a CCTV News report.
The pilot program selects products from the existing list of goods for cross-border e-commerce retail imports, focusing on items that are in high demand within the domestic market and are already widely used by consumers. The initial list comprises 35 types of pilot products, covering categories such as children's toys, daily necessities, and household appliances. These goods after being imported are sold to wholesalers at the Yiwu China Imported Commodities Mall, which then engage in both wholesale and retail sales.
This initiative is just one aspect of Yiwu's efforts to expand its trade. These measures, while bolstering Yiwu's exports, leverage the city's long-established strengths in cross-border e-commerce and trade logistics to enhance its import capabilities. This approach not only positions Yiwu as a global seller but also as a global buyer, facilitating more balanced participation in the international trade ecosystem.
At a press conference in December 2024, Yiwu announced goals for its international trade sector. The city aims to reach an import trade value of 100 billion yuan this year and aims to surpass 300 billion yuan by 2030, people.com reported.
These efforts are expected to boost Yiwu's imports from various countries and regions, stimulating exports from these areas and generating economic benefits. Take Europe as an example. Since its launch in 2014, the Yixin'ou (Yiwu-Xinjiang-Europe) China-Europe Railway Express has become a vital cargo transport corridor linking Yiwu and Europe. The number of return import trains has grown rapidly, and the range of goods being imported has expanded significantly.
Customs and other departments have introduced a series of supportive service measures to promote the rapid growth of imports through the return trains of the Yixin'ou China-Europe Railway Express. In the first four months of 2025, the Yixin'ou China-Europe Railway Express operated 462 return trains, with a total shipment volume of 38,100 standard containers, a year-on-year increase of 25.6 percent, according to the Zhengjiang Daily.
With the continuous expansion of the domestic market and the upgrading of consumption, demand for raw materials, agricultural products, electromechanical products, and consumer goods from Europe has been steadily increasing, driving the growth of imports.
Yiwu serves as a microcosm for observing China's endeavors to increase its imports. China has maintained its position as the world's second-largest import market for 16 consecutive years, fully demonstrating the opportunities presented by China's vast market and its determination to open up further.
He Yadong, spokesperson for the Ministry of Commerce, previously stated that actively expanding imports is a proactive responsibility of China as a major responsible country and an important contribution to the development of the global economy.
China's push to expand imports not only diversifies the domestic market and fosters consumption upgrades, but also plays a role in stabilizing global trade through its sustained demand. This approach starkly contrasts with the trade protectionism pursued by some countries. In times of global economic uncertainty, the steady demand from the Chinese market serves as a stabilizing force for businesses around the world, contributing to the growth of global trade.
(Source: Global Times)