China's import volume is expected to hit a record high, surpassing 20 trillion yuan (2.98 trillion U.S. dollars), an official of the Ministry of Commerce said on Friday.
At a press conference in Beijing, Assistant Commerce Minister Zhang Li briefed the media on China's contribution to global trade growth as the world's largest trader in goods.
Backed by a complete industrial system and robust supporting industries, China provides manufactured goods such as production equipment for countries around the world, particularly developing countries. This offers crucial support for their real economies, industrialization, and integration into global supply chains.
Meanwhile, China continues to expand imports through a dual approach of policies and initiatives, allowing the benefits of its ultra-large market to be shared globally.
"In the first eight months of this year, China's imports grew 22 percent, the fastest since 2021. Its annual import value is expected to exceed 20 trillion yuan for the first time. An increasing number of high-quality products from around the world are entering China's consumer market and becoming integrated into its production and supply chains, bringing more orders to businesses in various countries, supporting the development of related industries, and creating more local jobs," said Zhang.
China’s import volume expected to exceed 20 trl yuan in 2026: official
Japan's reliance on U.S. economic policy is allowing foreign funds to acquire Japanese assets at bargain prices, according to Japanese economist Kazuhide Uekusa.
He warned that the government's economic and defense strategies prioritize foreign capital and political profits over public welfare, failing to bring true prosperity to ordinary citizens.
The Bank of Japan (BOJ) on Friday raised its policy interest rate by 0.25 percentage points to 1.25 percent, the highest in about 31 years, following a two-day board meeting.
According to Uekusa, the timing of the shift aligns perfectly with the interests of large American funds.
"The Takaichi Cabinet has been reluctant to raise interest rates, thus allowing the yen to continue to depreciate. I think this is actually equivalent to helping foreign capital purchase Japanese assets at a low price. However, U.S. Treasury Secretary Scott Bessent has recently made a clear adjustment to the policy direction of the U.S. dollar against the Japanese yen, promoting the appreciation of the Japanese yen. The reason is that some large funds in the United States have basically completed their investment layout in Japanese assets," said Uekusa.
Uekusa also said Japan cannot attempt to revitalize its economy by expanding military spending and supporting the defense industry, and such a military buildup strategy is unlikely to bring about true prosperity and stability.
"I think it is true that the Japanese economy has been stagnant for a long time. However, to expand military spending in an attempt to revitalize the economy is, in my opinion, an extremely foolish and even crazy move. To achieve peace and stability in Japan, the foundation should be to establish friendly relations with neighboring countries rather than military expansion. The reason why the Japanese government attaches so much importance to the military industry is that it can generate huge profits, and a part of these profits may flow back to political parties or political figures through various means. I don't think this is at all for the benefit of the people," he said.
Japanese economist criticizes gov't policies for enabling cheap asset sales to foreign funds
