Commerce Minister Wang Wentao has promised to expand imports and use the country's vast market to help other countries boost exports, which could help balance global trade at a time when China’s export machine faces growing scrutiny. Beijing also planned to diversify markets and nurture new trade drivers such as artificial intelligence (AI), seeking to stabilize trade as global supply chains come under mounting pressure from geopolitical conflicts, officials said.
Commenting on China’s record USD1.19 trillion trade surplus last year, Minister Wang said China would increase imports of agricultural products, high-end consumer goods and advanced technology this year. “While some countries treat the market as a weapon or a bargaining chip and pursue protectionism, as a responsible major country, China is proactively opening its vast market, viewing it as an opportunity and a basis for cooperation,” Wang said at a press conference on the sidelines of the “two sessions”. Beijing would release a report evaluating the capacity of selected countries to export to China, helping them strengthen their ability to sell in the Chinese market and better match supply with demand, he added.
Despite a 19.5% drop in exports to the United States in yuan terms last year, overall exports rose 6.1%, which Wang attributed to successful market diversification. These efforts would continue, he said. In the first two months of this year, China’s foreign trade continued last year’s positive momentum, with figures – set to be officially released on March 10 – “better than expectations”, he said. To nurture new trade drivers, China would focus on emerging sectors and business models, promoting exports of AI products, green power equipment and other hi-tech goods, while accelerating the digital and green trades, he added. Minister Wang highlighted the service trade, which expanded by 7.4% in 2025, calling it an “important engine” of growth. He promised greater market access, particularly in services, through pilot programs in value-added telecommunications, biotechnology and fully foreign-owned hospitals.
In a separate statement, the Ministry of Commerce (MOFCOM) responded to the European Union’s proposed Industrial Accelerator Act, which could impose restrictions on foreign investment in four strategic emerging industries. It said the EU was using industrial development and the green transition as a pretext to erect barriers. “We urge the EU to take the lead in adhering to World Trade Organization (WTO) rules, return as soon as possible to the track of fair, transparent and non-discriminatory cooperation, and refrain from going further down the path of rule-breaking and protectionism,” the Ministry said, as reported by the South China Morning Post.
Pan Gongsheng, Governor of the People’s Bank of China (PBOC), said China had no need or intention to depreciate the yuan to gain competitive advantages in trade. The yuan has strengthened significantly against the U.S. dollar in recent months, reaching its highest level in nearly three years. He added that this year’s structural monetary policy tools would focus on boosting domestic demand, supporting technological innovation, and aiding small and micro businesses. Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), said that many of the key infrastructure projects China plans for the next five years are designed to support the development of the AI industry. China’s AI sector would be worth CNY10 trillion by 2030 and the BeiDou satellite navigation network would be worth CNY1 trillion within the next five years.
China will introduce more inclusive, flexible listing rules for tech firms on Shenzhen’s ChiNext board, which will allow more high-quality, innovative enterprises in emerging consumption areas and modern service industries to be listed on the board, according to Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC). Officials also laid out plans to make it easier and quicker for companies to refinance. “Technological innovation requires high investment, long cycles, and carries significant risks”. The reforms to the ChiNext market are designed to further strengthen the board’s ability to support the “high-quality development” of China’s real economy, including emerging and future industries. Authorities will also extend key reforms from the Star Market – another Nasdaq-style technology board – to ChiNext, including introducing a pre-initial public offering (IPO) review mechanism for qualified innovative companies, particularly those making breakthroughs in core technologies, Wu Qing said.
