China imports 7.4t yuan of consumer goods in 2021-2024: minister

BEIJING -- China imported consumer goods worth 7.4 trillion yuan (about $1.03 trillion) between 2021 and 2024, the first four years of the 14th Five-Year Plan period (2021-2025), China's Commerce Minister Wang Wentao told a press conference Friday.

Citing figures of the World Trade Organization, he said goods imports by the Chinese mainland and China's Hong Kong Special Administrative Region accounted for about 13.3 percent of global imports in 2024 -- close to the United States' 13.6 percent.

China is thus the world's second-largest import market, almost on par with the United States, as well as a major export destination for nearly 80 countries and regions, the minister said.

To encourage more quality goods and services into the Chinese market, Wang said China has fostered international consumption center cities, established national demonstration zones for innovation and promotion of imports, and hosted major expos such as the China International Import Expo and the China International Consumer Products Expo.

"China's vast market has become a shared market for the world and will continue to serve as a key source of growth and vitality for the global economy," he told the press.

China has remained the world's largest goods trader for eight consecutive years, with total goods trade reaching $6.16 trillion in 2024, a 32.4 percent increase from 2020.

Meanwhile, the share of China's exports to the United States fell from 17.4 percent of its total exports in 2020 to 14.7 percent in 2024, according to Wang.

"The production and supply chains supporting China's foreign trade have become more complete, flexible and efficient, enhancing the country's resilience and confidence in navigating risks and challenges," he said.

Noting that China has long run a services trade deficit, Wang pointed out that the United States has been China's largest source of such deficit. Considering the fact that China is the largest contributor to the US goods trade deficit, he said this reflects the complementary strengths between the two economies.

Looking ahead to the upcoming 15th Five-Year Plan period (2026-2030), the minister said China will step up efforts to promote high-quality trade development with focus to be placed on both exports and imports, deepen international cooperation and enhance trade resilience.