China hits $1 trillion trade surplus, Premier warns against rising protectionism
China’s Premier Li Qiang on Tuesday urged trading partners to reject rising protectionism, a day after the world’s second-largest economy posted a record $1 trillion trade surplus driven by a rush of exports to non-U.S. markets.
Premier Li Qiang made the remarks at a forum of top international organizations held in Beijing while top Chinese leaders are attending an annual economic planning meeting.
“Starting from the beginning of this year, we’ve seen the stick of tariffs being wielded around the world with growing restrictive measures on the economy and trade, which have dealt a severe blow to the global economy,” Li said, without mentioning U.S. President Donald Trump and his tariff hikes specifically.
“As the situation has unfolded, the damaging consequences of tariffs hurting both others and oneself have become increasingly evident, and calls from all sides to uphold free trade have grown ever stronger,” Li told the gathering of top representatives from the International Monetary Fund, the World Bank and the World Trade Organization.
With investments in technology rising, outpacing overall investments, Li called for “collaborative innovation,” saying “we need to embrace an open mind and work hand in hand to pursue openness and cooperation.”
Trade friction between Beijing and Washington has eased somewhat after Trump and Chinese President Xi Jinping met in late October during a regional economic summit in South Korea. The two sides agreed to dial back earlier steps and extend a truce in retaliatory measures for a year.
Meanwhile, China’s trade surplus in dollar terms for 2025 had already exceeded $1 trillion as of November, while exports rose 5.9% from a year earlier.
