Despite intensifying trade tensions with the United States, China has recorded a trade surplus of over USD 1 trillion in 2024, according to the latest Rubix Country Insights—China report by Rubix Data Sciences.
The trade war escalated rapidly in April 2025. The US imposed a 54% tariff on Chinese imports, which China answered with a 34% tariff on US goods. By April 10, US tariffs on Chinese goods hit 125%, while China’s tariffs reached 84%, marking a sharp rise in global trade friction.
Despite these challenges, China posted a 5% GDP growth in 2024, driven by strong manufacturing, targeted stimulus, and expanding trade with Belt and Road Initiative (BRI) countries. Over 50% of China’s foreign trade in 2024 was with BRI nations, reflecting its shift away from Western dependence.
China has also lifted all foreign investment restrictions in manufacturing and is focusing on domestic consumption to counter deflation.
Meanwhile, the India-China trade gap widened. India’s imports from China grew at 11.7% CAGR (FY2020–FY2024), crossing USD 100 billion, while exports grew only 0.1% CAGR. Chinese FDI in India also fell, with China slipping from 18th to 23rd among investing nations.
Mohan Ramaswamy, CEO of Rubix, said the report helps decode China’s complex economic shifts in a time of global volatility.
Disclaimer:
The views and data presented in this article are sourced from the Rubix Country Insights—China report and do not necessarily reflect the views of this publication. Readers are encouraged to consult official government or trade sources for policy-related decisions.