China Pledges Further Market Opening After Trade Deal
Chinese Premier Li Qiang announced today that China will further open its consumer market to international businesses following a recent trade agreement with the United States aimed at stabilizing global supply chains.
Addressing an audience of approximately 1,000 government officials, business leaders, and merchants at the opening of the China International Import Expo (CIIE) in Shanghai, Premier Li emphasized China’s commitment to globalization and strengthening economic ties with its partners. He stated, “At a time when the world economy is slowing down and international disputes are intensifying, we must all the more adhere to equal and mutually beneficial cooperation, embrace free markets and free trade, and resolve cross-border contradictions and problems through joint development.” This move signals a potential easing of trade tensions and could boost foreign investment in the world’s second-largest economy.
Li further outlined China’s plans to focus on “promoting high-quality development, expanding domestic demand – especially consumption – and fully unleashing the internal demand potential of our large market of over 1.4 billion people.” He projected that China’s economic scale will exceed 170 trillion yuan (US$23.9 trillion) in the next five years, and reaffirmed the country’s dedication to “steadfastly advance high-level opening-up to the outside world.” For more information on China’s economic policies, see the World Bank’s China overview.
The Premier’s remarks come as China seeks to reassure international businesses of its commitment to a stable and predictable investment environment, particularly after years of fluctuating trade relations. The CIIE, now in its sixth year, is a key platform for showcasing foreign goods and services to the Chinese market; you can learn more about the China International Import Expo on its official website.
Officials indicated that China will continue to work with all parties to create an open and inclusive development environment and ensure the stability of global industrial and supply chains.
