ALSO READChina says U.S. curbs on tech exports to it only contributes to trade deficit India imposes antidumping duty on 98 products from China India should exploit robust world trade growth in 2018: EEPC China's Xi calls for more imports and more 'open economy' US trade gap widens in Sept on rising capital goods imports
China could no longer rely on exports to expand its economy as it had done over the past 30 years, said Zhang Yansheng, former secretary general of an academic committee at the National Development and Reform Commission.
This is because exports became unsustainable and would put too much strain on ties with the rest of the world, specially as protectionism grew, he said
"The next stage is an open economy that focuses on a balance of trade," Zhang told Hong Kong-based South China Morning Post.
China's export and import volumes rose 14.2 per cent year on year to 27.79 trillion yuan (USD 4.28 trillion) last year, ending the continuous drop in the previous two years, according to the official data quoted by state-run Xinhua news agency.
The trade surplus continued to narrow last year, shrinking 14.2 per cent to 2.87 trillion yuan, compared to a reduction of 9.1 per cent registered in 2016 that saw 3.35 trillion yuan in trade surplus.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)