CONTRIBUTING TO GLOBAL RECOVERY

With the sector's recovery on solid ground, China has imported more from other countries, contributing to the recovery of international trade.

Although restrictions were in place due to virus containment, this year's China International Import Expo secured more business than the previous event, with deals for intended one-year purchases of goods and services totaling 72.62 billion U.S. dollars, up 2.1 percent from the last expo.

The share of China's imports in the international market went up 0.8 percentage points, adding vitality to the world economy and trade cooperation, according to Li.

China has now become the largest trading partner of more than 120 countries and regions. As it pursues a new development paradigm of "dual circulation," which allows the domestic and overseas markets to reinforce each other, the new paradigm will enable the country to fully unlock its market potential and create greater demand for other countries, experts said.

On Dec. 23, China announced that it would adjust import tariffs on a range of products starting Jan. 1, 2021. Provisional import tariffs that are lower than the most-favored-nation rates will be levied on 883 commodities, including some anti-cancer drugs and raw materials for infant formulas.

Further tariff reductions will be made under the free-trade agreements China has separately signed with countries as well as the Asia-Pacific Trade Agreement.

"China is supporting trade within the (Asian) region," said Senior WTO economist Coleman Nee, adding that "China's import demand is propping up intra-regional trade" and "helping to contribute to global demand."