China’s top Communist Party journal, Qiushi, has reaffirmed the push to rebalance trade, stating that a worsening global environment of rising protectionism and geopolitical tensions adds urgency to shifting from an “unsustainable” export-driven growth model. The commentary notes profound changes in conditions shaping China’s trade balance, with deep-seated weaknesses in the foreign trade sector remaining pronounced.
A commentary in the latest issue of Qiushi Journal, China’s top Communist Party publication, reaffirms Beijing’s efforts to pursue balanced trade as a “strategic adjustment proactively undertaken” in response to changing economic conditions.
The article states that the domestic contribution to the value of China’s exports remains relatively low, with weak competitiveness in high-end manufacturing and critical technologies. It calls for urgent improvements in regional trade coordination and services trade.
“In particular, the inherent traits of China’s massive economy dictate that the export-driven model relied upon during its phase of outward-oriented accumulation is unsustainable, making the push for balanced trade development inevitable,” the commentary said.
“The underlying conditions, and both domestic and external environment shaping China’s trade balance, are undergoing profound changes, while deep-seated weaknesses in the foreign trade sector remain pronounced,” it added.
Global tensions, weak high-end exports, and record trade surpluses are cited as spurring a shift to boost imports, develop services trade, and deepen market integration.