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People's Daily Online>>China Business

Putting more emphasis on imports

By Diao Ying  (China Daily)

16:54, November 22, 2011

Swedish cookies on the shelves at a supermarket in Nanjing, capital of East China's Jiangsu province.(Photo/China Daily)

China changes its economic policy as world changes gear

BEIJING - For Chinese travelers abroad, shopping for gifts can be a headache. Souvenirs from New York, London or Cairo may look exotic at first, but a closer examination will find most of them are labeled "Made in China".

Joining the World Trade Organization has transformed China from a closed economy into the world's factory. Cheap products from China make daily necessities much more affordable for people worldwide. By buying products from China, people in the United States saved $600 billion over the past decade, and each household in the European Union could save 300 euros a year, Chinese Premier Wen Jiabao said recently. It also benefited China itself: The manufacturing sector in the southeast of the country flourished, providing jobs for millions of people.

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