A wider opening of China would allow the country to play a stabilising role in a slowing global economy, Premier Li Qiang told international business leaders in Shanghai on Tuesday, while pledging to import more goods from trading partners.
Speaking to more than 1,000 government officials and company executives at the start of the China International Import Expo (CIIE), Li said that “concerted efforts” are needed to overcome the country’s difficulties and improve its economic outlook.
“China will further open up its supersized market and take strong measures to share opportunities with other countries,” he said. “We have the ability to drive the growth of our economy. China is making contributions [to the global economy] in its own way.”
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In a keynote speech following Li’s address, Malaysian Prime Minister Anwar Ibrahim called for a “departure of condescending and unfair trade practices” and called on leaders to look for mutually beneficial economic trade.
“Asean has the potential to be a driving force for inclusive economic growth and shared prosperity,” Anwar said. “When everyone adds wood, the fire dances higher”, he added, referring to a Chinese idiom that calls for unity and collective action.
The Association of Southeast Asian Nations is a political and economic bloc comprising the Philippines, Indonesia, Malaysia, Singapore, Brunei, Thailand, Vietnam, Cambodia, Laos and Myanmar.
China launched the CIIE in 2018 at the beginning of its trade war with the US in a bid to convince global partners of Beijing’s commitment to free trade and expanding access to its market. Li said the six-day event, the world’s largest expo featuring imported goods, showcased China’s strong ties with its trading partners.
Last year, Chinese companies signed deals worth US$78.4 billion with international exhibitors at the event, up 6.7 per cent from 2022, according to the organiser. This year’s CIIE has drawn 3,500 exhibitors from more than 150 countries and regions, including major multinational firms from carmaker Volkswagen Group to cosmetics brand L’Oreal.
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