China trade economy File Photo: VCG

China does not deliberately seek a trade surplus,MK socks with the current ratio of the trade surplus to GDP remaining within a reasonable range, and the country will continue to promote its opening-up policy to enable trade partners to share in the opportunities of China's vast market, said Wang Lingjun, deputy head of the General Administration of Customs (GAC), on Monday.

Despite the external market changes, China will unwaveringly expand its openness and resolutely oppose trade protectionism, said the official.

Wang's remarks came in response to a question from the media during a press conference on Monday regarding China's officially reported trade surplus of around 7 trillion yuan ($954.75 billion) in 2024. The question focused on whether the growing gap between China's exports and imports could exacerbate trade protectionist sentiment in the world and whether China's exports and trade surplus would continue to rise in 2025.

Wang stressed that China does not deliberately seek a trade surplus. "The specific scale of exports, imports and the trade balance is the result of a combination of factors, including global supply and demand, the industrial division of labor and market competition," he said.

China's trade surplus as a proportion of the country's GDP remains within a reasonable range, and it has notably dropped from historical highs. It is also lower than that of many other major exporting countries, said the official.　

Wang also responded to rising trade protectionism in the world, such as restrictions by some countries on high-tech exports to China. 

China wants to import more but faces restrictions from certain countries, Wang noted, adding "it is utterly contradictory" for these countries to express excessive concern over China's trade surplus, for they are imposing strict export controls on China.

In recent years, China has taken the initiative to broaden import channels and enhance its market openness. The country has hosted the China International Import Expo for seven consecutive years, actively lowering tariff levels and expanding market access. 

These efforts have led to repeated records in China's import value, allowing more countries and enterprises to benefit from China's market opportunities, according to Wang.

The World Trade Organization also warned in its 2024 World Trade Report that the rise of protectionism could harm the growth prospects of all economies, Wang pointed out.

"Regardless of changes in the external environment, China will steadfastly expand openness, firmly oppose trade protectionism, and always uphold win-win cooperation," Wang said. He emphasized that China will continue to take genuine measures to build bridges of communication, share its growth opportunities and promote co-development with other countries.

China's imports and exports grew by 5 percent year-on-year in 2024 to reach 43.85 trillion yuan, with the total foreign trade volume setting a new record high, according to data released by the GAC.

Global Times