MOFCOM said on July 28 China does not deliberately pursue a trade surplus.
Export growth reflects scale economies and rising innovation plus external
demand from global green transition and industrialization. Exports to the EU are
concentrated in photovoltaics, new-energy vehicles, lithium batteries and
chemicals—largely reflecting decarbonization-driven demand for energy-related
products and higher European production costs after the energy shock. China is
not targeting a larger share of labor‑intensive exports; that share fell from
20.7% in 2012 to 15.1% in 2025. In 2025 foreign firms accounted for 27% of
Chinese exports and 16% of the trade surplus, with surplus and profit growth
outpacing domestic firms. While goods trade posts a sizable surplus, deficits in
services and investment income leave the current account surplus at about 3.7%
of GDP, within internationally accepted ranges.
