China is the world's largest exporter, a position it has maintained continuously since 2010. It is the largest trading partner of over 120 countries, as of at least early 2024. As a member of theRegional Comprehensive Economic Partnership (RCEP), China is part of the world's largest trading bloc.
China began promoting overseas investment through the "Go Out policy", whichGeneral Secretary of the Chinese Communist PartyJiang Zemin formally announced as a national strategy in 2000. After its 2001 entry into theWorld Trade Organization (WTO), China focused on export-led growth and became a major link in global supply chains. Through this process, China developed large trade surpluses and foreign currency reserves.
China resumed status as a member of theGeneral Agreement on Tariffs and Trade (GATT) in 1987.[1]: 163
DuringJiang Zemin's tenure, China adopted policies to expand foreign trade and economic relations with other countries through the Maritime Commerce Law (1993), Anti-Subsidy Rules (1997), and 2001 revisions to the Foreign Investment Law.[1]: 190 In addition to Jiang, top officials likeZhu Rongji also prioritized integrating China more deeply into the global trading system.[2]: 42
In 1999, theChinese Communist Party (CCP) began promoting investment abroad through theGo Out policy[3] and CCP General Secretary Jiang Zemin formally announced it as a national strategy in March 2000.[4]: 56 The policy was implemented top-down from central government leadership.[5]: 123 During Jiang's tenure, the policy greatly expanded China's investment and influence inglobal South countries, especially those in Africa and Asia.[5]: 124
After its entry into theWorld Trade Organization (WTO) in 2001, China began pursuing export-led growth and became a key link in global supply chains.[6]: 235–236 China formed the policy-based insurerSinosure to support the exports and overseas business of domestic companies.[7]: 77–78 Chinese businesses were encouraged to trade directly with foreign companies (instead of working through SOEs as previously). with the exception of certain state monopoly sectors deemed critical to national security.[8]: 39 China's industrious and cheap labor also proved attractive to foreign investments.[6]: 235–236 China's share of the global trade surplus increased rapidly after it joined the WTO.[9]: 274 The country accumulated large trade surpluses andforeign currency reserves, which greatly increased government resources.[6]: 235–236
In 2016, China joined the Transports Internationaux Routiers Convention (TIR Convention), a multilateral treaty reducing administrative boundaries for international transportations of goods in customs-sealed containers.[10]: 149 The majority of TIR members also participate in China'sBelt and Road Initiative and membership significantly facilitates China's trade.[10]: 149
China is a member of theRegional Comprehensive Economic Partnership (RCEP).[10]: 148 RCEP is the first trade agreement to include all three of China, Japan, and South Korea.[11]: 176 In January 2022, RCEP became the world's largesttrade bloc (in economic terms) and continues to be the world's largest as of at least early 2024.[10]: 148
China providesforeign aid to advance both foreign trade objectives andforeign policy objectives.[12]: 18 Since the 2018 creation of theChina International Development Cooperation Agency to coordinate aid, China has placed a lesser emphasis on aid to advance foreign trade and a greater emphasis on aid to advance foreign policy.[12]: 18
In 2020, China signed major free trade agreements with theEuropean Union as well as fifteen different Asia-Pacific countries.[13]: 259 As of at least 2023, China is the world's largest exporter, a status it has maintained continuously since 2010.[14]: 88
Effective 1 December 2024, China eliminated tariffs for goods imported from all of the countries that theUnited Nations categorizes asleast developed and with which China hasdiplomatic relations.[15] Thirty-three of the countries benefiting from the agreement are inAfrica and the non-African countries receiving zero tariff treatment areYemen,Kiribati, theSolomon Islands,Afghanistan,Bangladesh,Cambodia,Laos,Myanmar,Nepal, andEast Timor.[15]
As of at least early 2024, China is the largest trading partner of over 120 countries.[10]: 147 Given the scale of China and its economy, the country's impact on international trade flow is major.[9]: 272 As of at least 2024, the globalcurrent account surplus is largely composed of China, Europe, and the Middle East.[9]: 274