China's Bold Trade Strategy: Balancing Exports with Imports for Sustainable Growth

China plans to increase exports and imports next year as part of its strategy for sustainable trade growth. Amidst international criticism, Beijing aims to shift from export-driven growth to a balanced approach, boosting consumer demand and service exports while tackling internal economic challenges such as 'involution' price wars.

China has unveiled plans to expand both its exports and imports in the coming year, aiming to promote sustainable trade growth, according to state broadcaster CCTV. This announcement comes as the country's significant trade surplus continues stirring tensions with international partners and drawing criticism from economic observers.

In a recent economic conference, Han Wenxiu, deputy director of the Central Financial and Economic Affairs Commission, emphasized the need for China to open up and foster win-win cooperation. He reiterated the government's commitment to boosting household incomes, increasing pensions, and easing unnecessary consumption restrictions to sustain foreign trade development.

The International Monetary Fund has urged China to shift from an export-reliant model to one that enhances consumer demand, warning that China's current growth strategy could escalate global trade tensions. Economists caution that the imbalance between production and consumption could threaten China's long-term growth ambitions.

(With inputs from agencies.)