DAVOS, Switzerland — Chinese Vice Premier He Lifeng used the World Economic Forum stage Tuesday to argue China does not deliberately chase a China trade surplus and to vow a sharper push to expand imports, Jan. 20, 2026.
His message lands as the China trade surplus has become a flashpoint in capitals that fear Chinese overcapacity and a new wave of protectionism, after China ended 2025 with a record surplus of nearly $1.2 trillion, according to customs data cited by Reuters.
China trade surplus and the import pledge
He framed Beijing’s answer as both rhetorical and commercial: China wants to be “the world’s market,” not just its factory. “We are not only willing to be the world’s factory, but also, more eagerly, to be the world’s market,” he said.
He also pushed back against the idea that the China trade surplus is policy by design, saying China “never deliberately pursued a trade surplus” and will “more vigorously” expand imports by tapping its “mega-sized market,” Reuters reported.
The World Economic Forum published a transcript of He’s speech in which he repeated the argument in plain terms: “We never seek trade surplus; on top of being the world’s factory, we hope to be the world’s market too.”
Read Reuters’ coverage of He’s Davos remarks here, and the World Economic Forum’s full transcript of his address.
Why the China trade surplus debate is flaring
The scale is hard to ignore. Reuters reported China’s full-year surplus hit $1.189 trillion in 2025 as exporters found new buyers in Southeast Asia, Africa and Latin America while U.S.-bound shipments fell.
Economists quoted by Reuters said strong export growth is also a symptom of weak domestic demand, which leaves factories leaning harder on overseas markets. HSBC’s Fred Neumann called China “extraordinarily competitive,” while warning that rising surpluses can inflame trade tensions.
For the latest trade numbers behind the China trade surplus debate, see Reuters’ breakdown of 2025 data here.
A promise with a long paper trail
He’s Davos pitch echoes earlier pledges meant to counter criticism that China sells far more than it buys. At the first China International Import Expo in 2018, President Xi Jinping promised to lower tariffs, broaden market access and “import more from overseas,” Reuters reported.
During the pandemic, Xi returned to the theme, saying China would import more than $22 trillion worth of goods over the next decade, according to Reuters.
And in late 2025, China’s Commerce Ministry rolled out a program to promote imports through country-focused events as the China trade surplus continued to swell, Reuters reported.
For continuity: Reuters’ 2018 CIIE coverage is here; its 2020 report on Xi’s import pledge is here; and its 2025 report on the import-promotion initiative is here.
Whether Davos talk narrows the China trade surplus now depends on follow-through: policies that lift household spending, open service sectors wider, and make imports easier and more profitable for domestic firms. Trade partners, already weighing new barriers, are likely to judge Beijing less by vows and more by the import orders that show up in the monthly data.
