Chinese buyers are spending billions on imported products like food and cosmetics amid the ongoing crackdown on black markets, according to a new report.
China’s market economy is booming despite the clampdown, according a new study.
In 2017, there were nearly 1.2 billion tourists in China and more than a million Chinese bought goods, including products imported from other countries, according the World Bank, which has been tracking the market for more than three decades.
The Chinese are buying more than $100bn worth of products each year, according Chinese government data.
As a result, Chinese exports are rising and importing companies are also finding it more profitable to buy foreign products.
However, the country is also facing the possibility of an even bigger slowdown in Chinese exports and a shortage of foreign labour.
Since November last year, China has banned all overseas purchases and imports, including luxury goods, while limiting foreign investments to a maximum of $1bn a year.
That has led to the “black market” phenomenon in China, where some foreign firms, including Chinese firms, sell imported goods to local consumers and businesses without paying any taxes.
It has created a glut of products and a massive demand for imported goods in China’s markets, which in turn has made it hard for the Chinese government to control the market, said Mr Wang, a research fellow at the Beijing University of International Studies.
China has been clamping down on the black market for the past three years.
Many people, including businesses, are not allowed to open shop, or to open accounts.
To combat this, many shops have closed or are now closed, and some goods are being sold by third parties, like online sellers, who are not legally allowed to sell.
Chinese officials have said they will impose a ban on such transactions and have launched an online blacklisting system, but so far no one has been arrested or prosecuted for selling counterfeit goods.
According to the study, the number of people who buy products from China has risen in recent years as a result of the crackdown, with more than 100 million Chinese buying goods from the country last year.
China has also been cracking down on foreign companies, and in January, authorities shut down the largest online marketplace in China – Alibaba.
Alibaba had a market worth nearly $8.6bn in the first half of 2017.
The report, by the World Economic Forum, found that imports from China had increased in 2017, rising more than 200% from the previous year.
In contrast, Chinese consumers bought more from overseas than from the rest of the world in 2017.
China accounted for 37% of global merchandise imports in 2017 and 34% of total merchandise imports, the report found.
The market economy also expanded by nearly 1 million jobs in the last six months of 2017, the World Health Organization said on Monday.
The number of jobs was a 10% increase from the same period last year and a 7% increase compared with 2016, the organisation said.
Inflation and food prices have risen sharply, especially in food, and there are growing concerns that China is running out of foreign currency to pay for imports.
China said in a statement on Monday that it was working hard to help reduce food inflation and that the country had set up a special food subsidy scheme to provide foreign currency relief.
Food exports have been growing at a rapid pace in recent months, the Chinese economy has been growing steadily and it is forecast to have grown by 3% in 2021.