China reiterates it does not seek trade surplus

BEIJING - China does not pursue a trade surplus, and the country's trade balance is shaped by broader international market forces rather than deliberate intervention, an official said on Monday.

Wang Lingjun, deputy head of the General Administration of Customs, made the remarks in response to a question about the trade surplus during a press conference on China's 2024 trade performance.

"China does not aim for a trade surplus. The specific levels of exports, imports and trade balances are the result of international supply-and-demand dynamics, industrial division of labor and market competition," Wang said.

He noted that China's trade surplus, as a percentage of gross domestic product, is within a reasonable range and has significantly declined from historical highs, remaining below levels seen in other major exporting nations.

Wang also criticized some countries for imposing tighter export controls on China, calling such policies contradictory. "China wants to increase imports, but if you don't let the goods in, and then you worry about our trade surplus, that's inherently inconsistent," he noted.

China has actively worked to diversify imports, Wang said, citing the annual China International Import Expo, lower tariffs and expanded market access as key steps. These measures have not only driven record-high import volumes but also enabled more countries and businesses to benefit from opportunities in the Chinese market, fostering more balanced trade growth.

Wang further addressed concerns about rising trade protectionism, referencing the World Trade Organization's Global Trade Report 2024. The report warns that protectionist policies will harm the economic growth of all nations.

Despite external headwinds, Wang said China remains committed to expanding openness, opposing protectionism and championing win-win cooperation.

China will continue to open its doors wider with unwavering determination, Wang said, noting that through practical actions, China will foster collaboration, share opportunities and promote development with all countries.