During the annual China International Import Expo held in Shanghai, Premier Li Qiang of China reaffirmed the country’s commitment to further expanding market access and increasing imports as a part of its ongoing efforts to open up its economy.
Premier Li announced an ambitious goal of achieving cumulative imports of goods and services totaling $17 trillion within the next five years. He emphasized that China’s commitment to opening up and sharing development opportunities with the world will remain steadfast, regardless of how the global landscape evolves.
Li underscored China’s determination to promote coordinated development in both goods and services trade, create a conducive international business environment, and facilitate market access. This includes the removal of restrictions on foreign investment in manufacturing.
The China International Import Expo, introduced by President Xi Jinping in 2018, was established to showcase China’s commitment to free trade and address concerns regarding its trade surplus with various countries. However, due to the impact of the COVID-19 pandemic, participation in the expo was limited over the past three years.
Despite its intentions, the event has faced criticism from the European Chamber of Commerce in China, which referred to it as a “political showcase” and called for more tangible actions to rebuild confidence among European businesses operating in the country.
The expo, taking place from November 5th to 10th, has witnessed the presence of significant delegations from countries such as Australia and the United States, as well as the participation of well-known companies like Micron Technology, Nestle, Burberry, and L’Oreal, as reported by state media.
Australian Prime Minister Anthony Albanese, making the first visit to China by an Australian leader in seven years, emphasized the importance of dialogue and cooperation and expressed his belief that it is in the interest of all parties.
Premier Li Qiang also revealed China’s intention to “actively promote” its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP). Several other nations, including Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador, have also submitted their applications for membership.
The CPTPP, a significant trade agreement formed in 2018 among 11 countries, is aimed at reducing trade barriers. The United Kingdom became the 12th member earlier this year. China’s application is next in line to be considered by the 12 members, following the order of their submissions.
Post Your Comments