Oriental Outlook November 22
At the start of reform and opening up, China had a weak industrial foundation. Its industrial chain, technology and management processes were lagging behind developed countries. It was only through expanding imports that China managed to ascertain advanced technologies and equipment to improve its own industrial development capacity.
From 1978 to 2017, China’s import market experienced remarkable growth, with the annual total import volume increasing from 18.7 billion yuan ($2.7 billion) to 12.5 trillion yuan ($1.8 trillion), an average rise of 18.1 percent year on year.
As the Chinese economy continues to grow, its role in global trade has undergone profound changes, with the country becoming an important market for global trade.
According to statistics from the World Bank, the share of China’s imported goods and services in the global import market increased from 8.4 percent in 2011 to 9.7 percent in 2016. While the share of the three major economies, the United States, the Eurozone and Japan, declined by 0.4 percentage points during the same period. China’s import market plays a stabilizing role in many regions, which is crucial to fueling economic growth.
China’s attitude toward imports has