"World Market" Living Room Zhejiang: How to Build a Model for Foreign Trade Transformation

Why is Zhejiang a Pioneer in Foreign Trade Transformation?

From promoting “export-import coordinated development” to “balanced development of imports and exports,” China’s foreign trade transformation focus is shifting. Zhejiang’s recent launch of the “Global Showcase” provides a model for foreign trade transformation in the region.

Emphasizing Imports, Services, International Trade, and Two-Way Investment

The “Shared Big Market: Export China” series event, “Buy Globally in Zhejiang, Consume in Hangzhou,” held from March 15 to 17, is the first of its kind outside Beijing.

Xiao Lu, Deputy Director of the Foreign Trade Department of the Ministry of Commerce, stated on-site that this is China’s trade measure to expand unilateral and自主开放 (independent opening). The name “Export China” rather than “China Imports” reflects a perspective from trade partners. Zhejiang was chosen because it is a major foreign trade and import province, with local advantages in cross-border e-commerce and new business models, as well as a unique integration of online and offline channels.

“Zhejiang has shifted from its previously low-profile style to taking on more responsibilities at the national strategic level,” said Zeng Gang, Director of the Urban Development Research Institute at East China Normal University, to First Financial. Zhejiang’s current economic momentum is strong. The increasing number of major business activities in Zhejiang is no coincidence. Years of economic development and technological strength, along with improved foundations for external cooperation, give Zhejiang the confidence to host high-level open activities. From a national planning perspective, Zhejiang is becoming a hub for China’s opening-up and cooperation.

By 2025, Zhejiang’s total import of goods will reach 1.36 trillion yuan, accounting for 7.4% of the national total. Hangzhou’s service trade imports will account for 7.64% of the national total. Consumer capacity is also evident: last year, Zhejiang’s per capita disposable income exceeded 70,000 yuan, ranking first among all provinces and regions.

In terms of infrastructure, Zhejiang not only has the Ningbo-Zhoushan Port, a world-class hub, but also established the country’s first cross-border e-commerce comprehensive pilot zone, and hosts global e-commerce platforms like Alibaba, along with a developed private economy network. From the first cross-border e-commerce pilot zone to multiple national import trade promotion demonstration zones, Zhejiang is gradually building an efficient global goods access and circulation system.

Zhejiang Party Secretary Wang Hao stated at the event on the 15th that Zhejiang will adhere to opening-up to promote reform and development, accelerate the construction of a high-level open province, and speed up the development of Hangzhou as an international consumer center city. Leveraging its port logistics, broad consumer market, and top-tier business environment, Zhejiang aims to facilitate smooth entry of high-quality goods and services, better serve global enterprises investing in Zhejiang, and promote deep integration of import trade and consumption upgrades. The goal is to become a gateway for global goods entering China and a preferred destination for international enterprises sharing opportunities, contributing to China’s new development opportunities.

Driving Regional Cooperation and Industrial Upgrading

Zhejiang has transformed from the “world’s factory” workshop to the “world’s market” living room. This role evolution reflects a deeper shift in China’s economic logic: from relying on cost advantages for export earnings to leveraging market advantages to aggregate global resources, ultimately driving synchronized upgrading of domestic and foreign industries.

Zeng Gang noted that China’s future foreign trade development is not simply about seeking advantages unilaterally but about pursuing more balanced approaches and deeper cooperation regionally and globally. On one hand, China needs imports of raw materials, advanced technology equipment, and services. On the other hand, through “Export China,” China aims to boost domestic demand’s influence on the economy—although domestic demand already contributes over 50% to economic growth, there is still significant room for expansion.

Wang Wentao, Minister of Commerce, said at the event on the 15th that China, as the world’s second-largest economy and second-largest import market, continues to release new demands through industrial upgrading and improved living standards, with huge import potential. China is also an actively opening-up market willing to share with the world. The Ministry of Commerce will continue to develop quality platforms, strengthen precise matching, and leverage various advantages to make China the best export destination for more countries.

Official data shows that China’s imports will reach 18.48 trillion yuan in 2025, a record high, marking 17 consecutive years as the world’s second-largest import market. In recent years, China’s contribution to global economic growth has remained around 30%, making it a major export destination for nearly 80 countries and regions.

In recent years, the Ministry of Commerce has launched brands like “Invest in China,” “Shop in China,” and “Export China,” forming an integrated brand matrix. “Invest in China” and “Export China” promote each other: smooth exports of raw materials and key intermediate goods are vital for foreign-invested enterprises’ stable operations in China. In the first three quarters of 2025, foreign investment imports accounted for 32% of total imports. Additionally, the growth of foreign-invested enterprises in China will further increase their import needs and promote exports from related countries.

“Export China” also integrates with “Shop in China”: on one hand, “Export China” enriches consumer supply, providing more choices for “Shop in China”; on the other hand, “Shop in China” expands consumption, allowing high-quality imported products from “Export China” to reach thousands of households. By 2025, total retail sales of consumer goods nationwide are expected to exceed 50 trillion yuan, a 3.7% increase over the previous year.

The 14th Five-Year Plan emphasizes attracting and utilizing more foreign investment, guiding it toward advanced manufacturing, modern services, high-tech industries, and energy conservation and environmental protection, supporting upstream and downstream industry chain cooperation. It also aims to improve foreign investment management, establish comprehensive overseas service systems, promote trade and investment integration, and guide orderly cross-border industrial and supply chain layouts. Further, it encourages and regulates outbound investments, supporting mutually beneficial overseas cooperation where conditions permit.

Facing increasing uncertainties from global geopolitical conflicts, Zeng Gang believes that in the coming years, China should strengthen industrial chain cooperation with Belt and Road Initiative partner countries—not just selling products but collaborating to serve global markets. Additionally, global trade cooperation should shift toward innovation-driven collaboration, transforming simple trade exchanges into deeper innovation partnerships.

The China Cooperation Center for BRICS Special Economic Zones was officially approved by the Ministry of Commerce in February 2025 and established in Hangzhou, Zhejiang.

The event held in Hangzhou featured a dedicated BRICS import zone, highlighting the “Buy in BRICS, Sell as One” characteristic. It included BRICS cooperation centers, BRICS country specialty products, and comprehensive sales zones. While showcasing the industrial and trade cooperation achievements of BRICS countries, the event also sold over 600 categories of high-quality BRICS products, aiming to deepen trade and economic cooperation among BRICS nations and promote trade reciprocity and cultural exchange.