China's transition from the "world's factory" to the "world's market" is gaining pace, as the country increasingly relies on domestic demand to drive growth while opening its vast consumer base to high-quality imports from around the globe, economists and executives said.
The pledge to boost imports, outlined in the nation's 15th Five-Year Plan (2026-30), will better position China as an anchor of global demand and a rare source of certainty, especially as protectionist headwinds and geopolitical tensions roil international trade, they added.
As part of the strategic shift, the Ministry of Commerce plans to host more than 100 "Big Market for All: Export to China" events throughout the year. These are designed to build bridges for global businesses to expand exports to China and share in the market of the world's second-largest economy.
The first overseas event was held in Belarus on June 7, followed by the European Union's inaugural event in Germany on June 11.
By taking the campaign to Europe at a time when the EU is advancing a suite of protectionist measures, Beijing makes clear to businesses across the continent and beyond that "regardless of how the global landscape changes, China's door will only open wider", said Wang Xuekun, head of the Chinese Academy of International Trade and Economic Cooperation.
