China’s Trade Dominance and the Role of Industrial Policies

François de Soyres, Ece Fisgin, Mike Liu and Eva Van Leemput

No 2026-03-23, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: China's trade surplus surged to a record $1.2 trillion in 2025, exceeding 6% of its GDP, marking a new milestone in its integration into, and dominance of, the global trading system. This development has attracted heightened attention from policymakers and analysts, not only because of the sheer size of the surplus, but also because of growing concerns about the distribution of global manufacturing, the persistence of global external imbalances, and the role of industrial policy interventions in shaping trade outcomes.

Date: 2026-03-23
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:102993

DOI: 10.17016/2380-7172.4018

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