Expanding imports behind the transformation of China's foreign trade

"Recently, an international authority assessed that the total scale of China's domestic consumption will surpass that of the United States for the first time in 2018. This means that after 2018, the largest market in the world will no longer be the United States, but China. Whether this prediction is accurate or not is not, but China's potential market is three to four times the size of the US and is constantly moving from potential to reality, which is a foreseeable future prospect." This statement made by Chinese Foreign Minister Wang Yi at the opening ceremony of the China-Latin America Economic and Trade Cooperation Forum and the China-Latin America Business Council has attracted the attention of many industry insiders.

"As time goes on, China's trade structure with the United States and with other countries will sooner or later undergo fundamental changes." When you visit the United States, especially in the United States, governors and entrepreneurs are not concerned about what China exports to them, but what they can export to China. Caring about and willing to enter the Chinese market more will become an unstoppable trend. In the future, many countries, including the United States, are likely to export more to China than they import from China, and the trade structure between China and the rest of the world will also reverse, possibly causing China to run a deficit.

"In fact, the Chinese government's view on China's trade status and foreign trade has changed, and this is not what the Foreign Ministry said last time." Zhong Feiteng, director of the major Power Relations Research department and associate researcher of the Institute of Asia-Pacific and Global Strategy of the Chinese Academy of Social Sciences, said in an interview with the reporter of China Trade News that the new proposal in Wang Yi's speech is that China will become the world's largest consumer market in 2018.

Mr. Zhong said there was a context for the change.