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Big switch: From global factory to global marketplace
The first overseas event was held in Belarus on June 7, followed by the European Union’s inaugural event in Germany on June 11
- PUBLISHED: Fri 26 Jun 2026, 7:30 AM
- By:
- WANG KEJU
China’s transition from being the world’s factory to the world’s marketplace is gaining pace, as the country increasingly relies on domestic demand to drive growth while opening its vast consumer base to high-quality imports from around the world, economists and executives say.
The pledge to boost imports, outlined in the country’s 15th Five-Year Plan (2026-30), will better place China as an anchor of global demand and a rare source of certainty, they said.
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As part of the strategic shift, the Ministry of Commerce says it plans to host more than 100 events under the title “Big Market for All: Export to China” this year. These are designed to build bridges for global businesses to expand exports to China and share in the market of the world’s second-largest economy.
The first overseas event was held in Belarus on June 7, followed by the European Union’s inaugural event in Germany on June 11.
By taking the campaign to Europe, Beijing is making it clear to businesses across the continent and beyond that “regardless of how the global landscape changes, China’s door will only open wider”, said Wang Xuekun, head of the Chinese Academy of International Trade and Economic Cooperation.
“With 100-plus events this year, we are turning ‘China opportunities’ into actual contracts. This is not just a policy statement. It’s a practical mechanism with actionable steps, especially for smaller businesses that have struggled to enter China on their own.”
In the first five months of this year the value of China’s imports rose 20.5 per cent compared with the corresponding period last year, the General Administration of Customs says. The value of exports rose 11.8 per cent.
Joseph Cherian, president and dean of the Asia School of Business in Kuala Lumpur, said: “Businesses can’t afford not to be in China. Not because it’s huge, but because it’s very likely where the future is being shaped.”
For multinational companies China has evolved beyond a huge market into a vital innovation and application hub in which consumer insights directly influence product design, and the resulting innovations are then adopted globally, generating a virtuous cycle, executives said.
“The market is massive in scale and very diverse, from top-tier cities to lower-tier cities that are also growing in wealth with advanced demand,” said Hubert de Haan, senior vice-president for China of the German home appliances company BSH.
“China is an important place to be. With the competencies and capabilities that we gain here, we can also win in other parts of the world. The high acceptance of innovation in China and the level of opening-up are a good push to speed up our innovation cycles.”