Jan-Oct foreign trade increases 16%

China's foreign trade jumped 16.1 percent year-on-year to $3.84 trillion in the first 10 months of 2018, thanks to emerging momentum for world economic recovery and new domestic policies to boost and stabilize trade and investments, a customs official said on Thursday.

Imports surged 20.3 percent year-on-year to $1.79 trillion between January and October, while exports grew by 12.6 percent to $2.05 trillion, resulting in a trade surplus of $254.2 billion－down 22.3 percent year-on-year, the General Administration of Customs announced.

Li Kuiwen, director-general of the administration's Department of Statistics, said China's imports have maintained relatively rapid growth this year, faster than export growth. The development of imports and exports is more balanced, and the country's door for further opening-up is also widening.

Li said the first China International Import Expo, being held in Shanghai this week, is a powerful way to support free trade and meet the nation's growing demand for high-quality goods and services through imports.

State-owned industrial equipment manufacturer China National Machinery Industry Corp signed 21 import deals with foreign partners worth a total $8.4 billion in such areas as high-end manufacturing, automobiles and information technology during the expo on Tuesday.

The private sector's Suning Holdings Group, one of the country's largest retailers by revenue, announced plans at the expo to import at least 5,000 kinds of products and services－imports that are new to the domestic market. It will import $17.24 billion worth of goods, officials said.

"Global companies are ready to further dig into the market potential in China at the next level, as the country continues to be the world's largest consumer for many products, commodities and services such as industrial goods, food and healthcare products for its ongoing industrial and consumption upgrading," said Wang Bingnan, vice-minister of commerce.