China’s import goal at risk if economy does not maintain strong growth
- Continued strong Chinese economic growth and a favourable global trade environment are necessary for China to achieve its goal
- US trade war threatens work towards import goal before it gets started
China can achieve its goal of importing US$10 trillion of services over the next 15 years, but only if growth remains strong and the global trade environment is favourable, a senior Chinese Commerce Ministry official said on Tuesday.
Over the next five years, China’s imports of services could reach more than US$2.5 trillion, about half of which will be accounted for by spending on travel services, Xian Guoyi, head of the ministry’s service trade department, said at the launch of China’s first official report on services imports which took place during the China International Import Expo in Shanghai.
Of that total, spending on imported travel services – including outbound tourism, overseas education and health care – could reach US$1.4 trillion. In addition, the government expects more than US$700 billion in service imports will come from what it defines as “emerging sectors” such as intellectual property rights, telecommunications services, financial services, and personal entertainment.
In his opening address to the expo on Monday, Chinese President Xi Jinping promised China would import US$30 trillion worth of goods and US$10 trillion worth of services over the next 15 years.
Achieving that goal requires a buoyant economic and trade environment.