China’s trade relations: Pushback, not pullback

Research evidence excerpt

China’s trade relations: Pushback, not pullback

22 July 2026

China’s trade relations EconomicsGlobal

Pushback, not pullback

◆ China’s trade footprint remains strong: more than 80 economies

consider it their top import source…

◆ …but pushback by both DM and EM economies against its

trade practices has intensified

◆ We look at how China’s trade position and flows have

changed in recent years in more than 50 charts

The global pushback to Chinese trade has intensified in recent years, with economies Prachi Mathur

Trade Economist

such as the US and EU increasingly concerned with large bilateral trade imbalances. HSBC Securities and Capital Markets (India) Private

Limited

But it’s not just Western economies that are taking aim at Chinese trade, with prachi.mathur@hsbc.co.in

partners such as India, Mexico, and Korea having opened a number of anti-dumping +91 8655245059

investigations into imports from China in recent years (e.g. on metals, chemicals, Shanella Rajanayagam

Senior Trade Economist

plastics, and more). In fact, the number of harmful trade measures implemented on HSBC Bank plc

China increased 75% between 2019 and 2025. Dependence on China for critical shanella.l.rajanayagam@hsbc.com

+44 20 3268 4118

goods such as graphite and rare earths also remains a sticking point. Meanwhile,

China has been strengthening its retaliatory toolkit in recent months to counter

foreign extraterritorial laws.

Despite rising trade tensions, however, China’s trade footprint remains strong. It

continues to be the world’s largest goods exporter – a spot it has held since 2009. In

2025, more than 80 economies considered China their top goods import source and

36 regarded China as their top export destination. China also continues to engage in