Chinese imports, consumption to fuel global recovery

According to the UN Trade and Development, global trade growth is expected to weaken further in 2026 due to a slowing world economy, geopolitical fragmentation, persistent policy uncertainty, heightened vulnerabilities, and rising trade costs. The WTO has also sharply revised down its forecast for growth in global merchandise trade in 2026 to just 0.5 percent.

In stark contrast, with a population exceeding 1.4 billion, including over 400 million middle-income consumers, China is fueling nearly 50 trillion yuan in annual consumption at home and is rapidly solidifying its role as a foundational pillar of global demand, Liao said.

An increasing number of international brands are choosing China as the first market to debut their newest products — a trend that speaks volumes about the country's unrivaled consumer appeal and strategic influence in shaping global demand.

In addition to adding a new concept store in Shanghai next year, Abercrombie & Fitch Co, a US apparel and accessories retailer, will also step up its presence in top and second-tier cities, including Guangzhou, Guangdong province, Chengdu, Sichuan province and Changsha, Hunan province — by opening more stores across China.

"The Chinese market remains our number one priority in the Asia-Pacific region," said Steven Sare, A&F's managing director for APAC. "We are investing not only in new offline stores, but also in enhancing store experiences to make them more appealing to consumers."

Despite the current geopolitical situation, Sare said that A&F, currently operating 21 stores across the Chinese mainland, has observed a growing preference among Chinese consumers for US-style sportswear, prompting the company to further expand its footprint in China following customer feedback.

Norway's high-end outdoor specialist Norrona, British cycling lifestyle brand Rapha, Italian outdoor footwear maker Crispi, and US clothing company Smartwool also opened their first stores in China late last year.

Robert Koopman, former chief economist of the WTO, said that over the next five to 10 years, "an important evolution in China's role is going to shift toward being a big center of demand".

With China's sustained economic recovery, and in particular, expanding consumer demand, imports have maintained year-on-year growth for seven consecutive months since June, with the growth rate accelerating further to 4.4 percent in December, customs data showed.

This expansive demand offers a stabilizing counterweight to global economic volatility, providing predictable, long-term export opportunities for international businesses. For multinational corporations, accessing and succeeding in the Chinese market is increasingly seen as a strategic imperative.

"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 demands," said Hubert de Haan, senior vice-president for China at German home appliances company BSH.

"Chinese consumers are eager to try new things and have high demands for innovation. For BSH,China is an important place to be. We need to be here because this is the global powerhouse of home appliances and it's a huge market where we need to be successful. With the competencies and capabilities that we gain here, we can also win in other parts of the world," he said.

In Beijing's latest step to open up its vast domestic market, the Hainan Free Trade Port has rolled out a series of island-wide special customs operations. These changes are set to make it easier for overseas goods to enter the market and expand zero-tariff coverage.

Liliana Lucioni, president for China at Coach, a US luxury brand, said that thanks to China's trade facilitation measures, the company's sales in the country grew by 18 percent year-on-year in the fourth quarter of fiscal year 2025, outperforming other global markets.

With the launch of a series of high-level opening-up initiatives, such as the special customs operations in the Hainan FTP, China's vast market will become an even greater opportunity for the world, she added.