21st Century Business Herald:

China's import growth has been very impressive since the beginning of this year. What are the reasons for its strong performance in the first half of this year? Thank you.

Wang Jun:

Thank you. In the first half of the year, China's imports reached 10.74 trillion yuan, exceeding 10 trillion yuan for the first time in the same period. Imports grew by 22.1% year on year, 8.7 percentage points higher than that of exports, and making greater contributions to foreign trade than exports, thereby promoting a more balanced development of trade. Specifically, there are several major drivers for the rapid growth in imports.

First, China has a supersize market, which is the fundamental support. As the world's largest manufacturer and second-largest consumer market, China has a vast market with enormous potential. China has been the world's second-largest import market for 17 consecutive years, with an average annual growth rate of 5.1%, bringing its share of global imports up from 7.9% to about 10%.

Second, the economy has been improving, which is the internal driving force. China's overall economy has remained stable, with industrial production growing steadily and market demand improving, which has provided strong support for the expansion of imports of raw materials, components and consumer goods. In the first half of the year, China's imports of metal ores and electronic components grew by 22.6% and 45.6%, respectively, while imports of edible oils and aquatic products increased by 19.2% and 24.1%, respectively.

Third, China has taken the initiative to expand imports, which is a necessary condition. China has seized the opportunity by expanding its opening up and unilateral opening up in an orderly manner. It has granted zero-tariff treatment to 63 countries and has successfully hosted international exhibitions such as the China International Import Expo (CIIE), the China International Consumer Products Expo (CICPE) and the China International Supply Chain Expo (CISCE), creating a high-profile gateway for quality products from around the world to enter the Chinese market. In the first half of the year, China has seen imports increase from more than 150 countries and regions. We have actively expanded market access for imported agricultural and food products. This year, imports have been approved for products including dried chili peppers and cashews from African countries that have diplomatic ties with China, as well as pecans from Uruguay, apples from Belgium, and dried longans from Cambodia.

Looking ahead, China's vast market will unleash more consumption dividends and cooperation opportunities, providing greater opportunities for the global economy. Customs will keep improving regulatory services to facilitate the expansion of imports. Thank you.