China's Market Ambitions Poised to Balance Global Trade

China's Vice Premier He Lifeng assured at the World Economic Forum that the country intends to become 'the world's market,' despite a recent trade surplus. China's strategy involves expanding imports to address global economic concerns and soften protectionist tensions ignited by its high export capacity and international trade policies.

China never deliberately aimed for a trade surplus and is prepared to act as "the world's market," according to Vice Premier He Lifeng's statement at the World Economic Forum on Tuesday. This announcement follows a record trade surplus that has caused unease among its international trade partners.

At the WEF's annual meeting in Davos, He highlighted China's intentions to utilize its significant market size by expanding imports more aggressively. "We not only wish to remain the world's factory, but are eager to be the world's market," he emphasized.

Last year's strong goods exports fortified China's position against domestic challenges and U.S. trade policies. However, this growth has also led to production overcapacity and potential protectionist measures from countries aiming to bolster their own manufacturing sectors.

(With inputs from agencies.)