Illustration: Liu Xidan/GT

China's trade surplus is on track to hit a fresh record of $1 trillion this year, Bloomberg reported on Monday, claiming that this will increasingly leave China "on a collision course with some of the world's biggest economies by aggravating an imbalance in global commerce." China's wider trade surpluses with the US, the EU and ASEAN are stirring fears of a trade war, according to the report.

Certain Western media outlets frequently hype the issue of "China's trade surplus," blaming China for "creating trade imbalances in global commerce" and sensationalizing trade war concerns. This perspective is misleading and serves as an excuse for implementing high protectionist tariffs and other unjustified trade barriers. It is these protectionist tariffs that pose a real threat to global trade.

Although China's trade surplus stood at $785 billion in the first 10 months of this year, Bloomberg's claim based on its forecast does not accurately reflect the overall picture of China's trade development, nor can it accurately assess China's position and role in the global trade system. China has been actively promoting balanced trade development.

In light of the deep integration of global industrial and supply chains, trade statistics don't reflect the profit distribution in China's trade with other economies.

Responding to "China-EU trade imbalance" questions from foreign media employees, Chinese Foreign Ministry spokesperson Wang Wenbin noted last December that more than one-third of exports from EU companies in China went to the EU. Although China appears to have the trade surplus, the EU has reaped considerable profits. 

China has never deliberately sought a trade surplus. On the contrary, through various measures such as optimizing the industrial structure, expanding domestic demand and strengthening international cooperation, China has sought to promote sustainable trade development and mutual benefits.

China has consistently promoted high-standard opening-up policies, inviting businesses from around the world to tap into its extensive market, with a population of more than 1.4 billion and a significant middle-income group of more than 400 million people. This commitment is exemplified by initiatives such as the China International Import Expo (CIIE) and the China International Supply Chain Expo.

For instance, the just-concluded 7th session of the CIIE set a record since its launch in 2018, with cumulative intended transactions of $80.01 billion.

The CIIE exemplifies China's unwavering commitment to expanding imports and creating valuable opportunities for businesses from around the globe. The success of this year's CIIE once again underscores the growing significance of the Chinese market to world trade and other economies, highlighting China's role as a key player in fostering international trade cooperation.

Some Western media outlets' hype about China's trade surplus and the so-called trade imbalance is merely an excuse for protectionist tariffs. The claim that "China is aggravating a trade imbalance in global commerce" is unfounded. High protectionist tariffs are a harmful lose-lose approach that could sabotage global trade cooperation and growth.

While many Western economists have warned that Western economies' lurch to levying high tariffs will damage global economic sustainability, a growing number of businesses in the West have raised complaints about and opposition to trade barriers. This backlash is reflected in inflation and other problems that plague Western economies.

Meanwhile, on the world stage, as China will continue to espouse open free trade and investment, mutually beneficial forms of economic and trade cooperation are expanding among developing countries. China-ASEAN bilateral trade reached 6.41 trillion yuan ($890 billion) in 2023, while trade between China and Latin American countries stood at $489 billion.

The erroneous accusations against China and the resort to protectionist tariffs have proven to be harmful to global economic and trade cooperation. Only by returning to the correct path of multilateralism and free trade can countries address the detrimental imbalances in global trade, allowing each economy to gain more benefits from the growth of global trade.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn