China's imports exceed 10 trillion yuan, or about $1.49 trillion
China's imports exceeded 10 trillion yuan, or about $1.49 trillion, in the first half of this year, reaching a record level for the period. Import growth has outpaced export growth for five consecutive months, as the modernization of China's manufacturing sector continues to drive strong demand for high-quality components and equipment from around the world.
Economic development is gradually reshaping the traditional picture of global trade. Long known as the “world's factory” because of its extensive industrial system, China is increasingly becoming not only a major exporter but also one of the world's most important markets for high-quality products.
This year, as the modernization of China's manufacturing sector accelerates, the country's large procurement market has become increasingly active. Growing demand for advanced technologies, equipment, raw materials and components has emerged as an important new driver of import growth.
China is therefore gradually evolving from a predominantly export-oriented economy into a two-way hub for global high-quality production resources. The country continues to supply the global market with a wide range of competitive products while increasing imports of technologies and equipment needed to modernize its manufacturing sector.
A textile company in Huai'an County of Xinyang, Henan Province, provides a clear example. Equipment imported from Germany and France is being used to support the intelligent transformation and modernization of the production line. At the same time, imported high-tech equipment and domestic machinery complement each other, creating an efficient integrated production system.
The increase in import demand is particularly visible in China's coastal regions, where major industrial clusters are concentrated. Zhang Wenya, deputy director of the Foreign Trade Department of the Shenzhen Municipal Bureau of Commerce, said the city's import growth this year is largely driven by the rapid development of emerging industries and manufacturing capacity, including artificial intelligence.
“This has increased demand for high-quality components, raw materials and equipment. At the same time, Shenzhen's export products are also moving toward high-tech industries, requiring more high-quality global production factors. Imports and exports reinforce each other,” Zhang said.
During the first seven months of this year, China's imports of mechanical and electrical products increased by 29.7 percent year on year. They accounted for more than 40 percent of the country's total import value, making the category the main driver of import growth.
Liu Chun, president of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said the continued expansion of imports of equipment, components and raw materials is helping transform and modernize China's manufacturing sector.
According to Liu, China's enormous market demand and industrial upgrading are attracting an increasing amount of high-quality global production resources. These resources are being integrated into Chinese production chains, bringing new orders and growth opportunities to companies around the world.
As reported by SSTV+, China is increasingly playing a dual role in the global economy — not only as a major exporter, but also as one of the world's largest markets, creating new opportunities for manufacturers and suppliers of high-quality products.
