The Chinese economy
The Chinese economy
The Chinese economy
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China’s huge exports in 2024 exceeded its imports on a scale rarely seen elsewhere, unless or without delay after the two global wars.
By Keith Bradsher
Keith Bradsher, who began covering Chinese industry problems in 1991, reported from Beijing.
China announced Monday that its industrial surplus reached about $1 trillion last year, as its exports flooded the world and the country’s businesses and families spent cautiously on imports.
Adjusted for inflation, China’s industrial surplus last year far exceeded any global surplus in the last century, including that of exporting powerhouses such as Germany, Japan or the United States. Chinese factories dominate global production on a scale that has not been observed in any country since the United States after World War II.
The influx of goods from Chinese factories has drawn complaints from a growing list of China’s trading partners. Both industrialized and emerging countries have imposed price lists that must be controlled to stem the tide. In many cases, China has retaliated in the same way, bringing the world closer to an industrial war attempt that could further destabilize the global economy.
President-elect Donald J. Trump, who will take office next week, has threatened to escalate already aggressive American trade policies aimed at China.
On Monday, China’s General Administration of Customs said the country exported goods worth $3. 58 trillion last year, while it rose by $2. 59 trillion. The surplus of $990 billion surpassed China’s previous record of $838 billion in 2022.
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