Imports from China grew 36% year-on-year during the first half of 2021, reported the General Administration of Customs of that country.
With this, China’s imports reached 1 trillion 266,840 million dollars.
The result came after the Chinese government projected last Friday that its country’s foreign trade would reach 5.1 trillion dollars in 2025, from 4.65 trillion in 2020.
For now, China’s foreign trade hit a record last year.
Also in 2020, the total value of China’s trade in goods and services jumped to first place in the world.
Chinese goods imports and exports increased from $ 3.95 trillion in 2015 to $ 4.65 trillion in 2020, maintaining the world’s number one position since 2017.
On the other hand, imports and exports of services increased from 654,200 million dollars to 661,700 million, ranking second in the world.
Imports from China
According to the Chinese government, the fundamental role of consumption in their country continues to increase.
Total retail sales of consumer goods rose from 28.7 trillion yuan in 2015 to 39.2 trillion yuan in 2020, and the advantage of the domestic market scale is even more obvious.
The pace of consumption upgrade is accelerating, service consumption continues to expand, online retail sales of physical goods account for nearly a quarter, and new consumer formats that integrate online and offline are on the rise.
At a year-on-year rate, Chinese imports of products grew 36.7% in June 2021, to $ 229.89 billion.
Conversely, China’s exports grew 32.2% ($ 281.42 billion) in June and 38.6% ($ 1.518.36 billion) in the first half of 2021, at annual rates.
Overall, China’s XIV Plan deepens the goal of the “new era” that began with the XIII Plan: to shift the growth regime from capital-intensive accumulation, driven by manufacturing exports, to an economy of innovation with internal consumption engines and service development.