China's import structure has been optimized in 2025, with imports of high-tech products and high-value-added goods growing significantly, indicating faster technological upgrading in China's manufacturing sector.
According to the State Information Center, the scale of imports of core intermediate goods, such as integrated circuits, semiconductor manufacturing equipment, and precision instruments, continued to expand in 2025.
Imports of resource-based products, such as crude oil and iron ore, remained stable. Imports of consumer goods showed a significant upgrade, with continued growth in specific categories such as high-quality food, health-care products, and high-end daily necessities.
"The changes in import structure mainly have advantages in three aspects. Firstly, the import of key high-tech products supports the stability of China's industrial chain. Secondly, the import of agricultural products, such as dried and fresh fruits, promotes trade and economic exchanges between China and other developing countries. Thirdly, the import of cultural and entertainment consumer goods is conducive to enriching the domestic consumer market, which also reflects the accelerated upgrading of our domestic consumption," said Yan Min, director of the macroeconomic office of the economic forecasting division of the State Information Center of China.
In 2025, China had wider sources for imports. Association of Southeast Asian Nations (ASEAN) countries remained the largest import partner, and the proportion of imports from emerging markets and developing countries increased significantly.
China also saw growth in both imports and exports across more than 110 countries and regions worldwide, enhancing the resilience and risk resistance of China's supply chains.
"The sound and stable growth of imports showed that domestic market demand has stabilized, and the dual circulation between the domestic and international markets has become smoother. China's stable imports and vast market are expected to provide huge demand support and growth momentum for countries around the world, which is also conducive to optimizing the global circulation," said Yan.
China's import structure optimizes in 2025: official
The financial data released Friday by the People's Bank of China -- the nation's central bank -- show that the overall financial aggregates has expanded at a relatively fast pace since the beginning of this year with the social financing conditions remaining accommodative.
The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased by 9 percent year on year to 349.22 trillion yuan (about 50.64 trillion U.S. dollars) by the end of last month, according to the People's Bank of China.
Friday's data also show that the outstanding aggregate financing to the real economy stood at 451.4 trillion yuan (65.45 trillion U.S. dollars) at the end of last month, growing 8.2 percent year on year.
The aggregate financing to the real economy was 9.6 trillion yuan (1.39 trillion U.S. dollars) in the first two months, which was 316.2 billion yuan (45.85 billion U.S. dollars) more than the same period last year.
Experts said that this year's macro policies have been more proactive and effective, supporting a rapid growth in the total financial volume.
In terms of monetary policy, at the beginning of this year, the central bank rolled out a number of additional policy measures including lowering the interest rates of structural policy tools.
Meanwhile, it maintained ample liquidity in the banking system and the social financing conditions were in a relatively relaxed state.
The net financing of government bonds of this year has reached 11.9 trillion yuan (1.73 trillion U.S. dollars), hitting a record high, said Zhang Yu, chief macro-economy analyst of the Hua Chuang Securities. She also said that in the first two months of this year, the scale of treasury bond issuance and local government bond issuance rose by about 12 percent and 8.5 percent respectively compared to the previous year, providing favorable support for the scale of social financing.
Experts said that the financing demands are significantly growing as companies resume operations after the Spring Festival holiday. Along with the launch of new policies during the 2026 annual sessions of the National People's Congress and the Chinese People's Political Consultative Conference National Committee earlier this month, and the accelerated start of implementation of major projects for the "15th Five-Year Plan" (2026-2030) period for national socioeconomic development, the demand for supporting financing is expected to be unleashed steadily, and the total financial volume is anticipated to maintain a reasonable growth trend.
Central bank data reflect financial aggregates expand at fast pace in China
