China to boost imports and market access despite criticism at Trade Expo

ChinesePremier Li Qiangon Sunday said that the country would further expand market access and increase imports, reiterating its commitment to opening up its economy.

According to Reuters, Li stated that China aims to reach cumulative imports of goods and services worth $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," Reuter quoted Li as saying during the opening ceremony of theChina International Import Expo in Shanghai.

Li emphasised that China is set to promote the coordinated development of trade in both goods and services, safeguard an international business environment, and ease market access, including lifting restrictions on foreign investment in manufacturing.

The China International Import Expo began in 2018 as a means to promote China's credentials in free trade and address concerns about its trade surplus with multiple countries. However, participation in the expo over the past three years was limited due to the COVID-19 pandemic.

Despite the intentions of the event, it has drawn criticism from the European Chamber of Commerce in China, which labelled it a "political showcase" and called for more concrete actions to restore confidence among European businesses operating in the country.

This year's expo, running from November 5th to 10th, has seen the presence of large delegations from countries like Australia and the United States, along with the participation of renowned companies such as Micron Technology, Nestle, Burberry, and L'Oreal, as reported by state media.

During the opening ceremony, Australian Prime Minister Anthony Albanese, on the first visit to China by an Australian leader in seven years, underscored the importance of dialogue and cooperation, stating that it is in the interest of all parties.

In his speech, Li Qiang also mentioned China's intention to "actively promote" its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP). Several other countries, including Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador, have also applied for membership.

The CPTPP, a significant trade pact agreed upon in 2018 among 11 countries, aims to reduce trade barriers. Britain became the 12th member earlier this year. China's application is next in line to be considered by the 12 members, in the order of their submission.

(With inputs from Reuters)

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