China is to further expand market access and increase imports, Chinese Premier Li Qiang (李強) told a trade fair in Shanghai yesterday, amid criticism from European firms who said they wanted to see more tangible improvement in the country’s business environment.
Li told the opening ceremony of the annual China International Import Expo that the country was committed to opening up its economy, and that imports of goods and services were set to reach a cumulative US$17 trillion within the next five years.
“No matter how the world changes, China’s pace of opening up will never stall, and its determination to share development opportunities with the world will never change,” Li said.
Photo: AP
China will promote coordinated development of trade in goods and services, protect an international business environment and relax market access including lifting restrictions on foreign investment in manufacturing, he said.
The import expo drew criticism from the European Chamber of Commerce in China on Friday, which branded it a “political showcase” and urged authorities to enact more tangible measures to restore confidence in the country among European businesses.
China’s imports have slumped this year amid a slowdown in the world’s second-largest economy, although data released last month indicated that the downtrend could be starting to ease.
Li cited examples of businesses that had benefited from the show — including an Afghan carpet maker and a Japanese pharmaceutical firm, though without identifying them — and said out of the roughly 3,400 companies participating this year, over 200 had been repeat attendees for the past six years.
Countries including Australia and the US have sent large delegations to the event, which runs from Nov. 5 to 10. Participants include Micron Technology Inc, Nestle SA, Burberry Group PLC and L’Oreal SA, state media reported.
Yesterday, Australian Prime Minister Anthony Albanese, at the start of the first visit to China by a leader of his country in seven years, told the opening ceremony that dialogue and cooperation were “in all our interests.”
Last year, US$73.52 billion worth of so-called intentional deals were signed at the fair, up 3.9 percent from the previous year.
China will “actively promote” its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), Li also said.
Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador have also applied to join.
The CPTPP is a trade pact agreed in 2018 between 11 countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain earlier this year became the 12th member of the pact, which cuts trade barriers. China’s application is next in line to be considered by the 12 members if they are dealt with in the order they were received.
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