Title: China Expands Market Access and Import Goals to $17 Trillion in Five Years
Chinese Premier Li Qiang made an exciting announcement regarding China’s economic plans during a recent speech. He stated that China aims to expand its market access and increase imports, with a target of reaching a cumulative total of $17 trillion within the next five years. Li emphasized China’s commitment to opening up its economy and never stalling in its pace of opening up, highlighting the nation’s determination to share development opportunities with the rest of the world.
One of the key strategies outlined by Li is the promotion of coordinated development of trade in goods and services. China plans to protect the international business environment and relax market access, including lifting restrictions on foreign investment in manufacturing. This move is expected to attract more foreign businesses and stimulate economic growth within the country.
The China International Import Expo, which was launched by President Xi Jinping in 2018, plays a crucial role in showcasing China’s commitment to free trade and countering criticism of its trade surplus. However, due to the COVID-19 pandemic, participation in the expo has been limited. The European Chamber of Commerce in China criticized this year’s expo as a “political showcase” and urged authorities to take more concrete measures to restore confidence among European businesses.
Despite the economic slowdown caused by the pandemic, recent data suggests that China’s downtrend in imports is gradually easing. Premier Li highlighted examples of businesses that have benefited from the expo, although specific names were not provided. He mentioned that over 200 companies have been repeat attendees for the past six years, indicating the expo’s attractiveness and success.
The China International Import Expo has drawn the attention of companies from around the world, including Micron Technology, Nestle, Burberry, and L’Oreal. It has also attracted significant delegations from countries like Australia and the United States. Australian Prime Minister Anthony Albanese, who recently visited China, emphasized the importance of dialogue and cooperation between nations.
Last year, the expo recorded international deals worth $73.52 billion, marking a 3.9% increase from the previous year. This impressive figure demonstrates the expo’s significance in facilitating trade and forging international partnerships.
China is not stopping there. The nation is actively seeking to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), a trade pact among 11 countries that aims to reduce trade barriers. China’s application, along with Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador, will be considered next in line by the 12 members.
In conclusion, Premier Li’s announcement regarding China’s ambitious market access expansion and import goals highlights the nation’s commitment to economic growth and global trade. The China International Import Expo continues to play a vital role in showcasing China’s dedication to free trade, despite the challenges posed by the ongoing pandemic. With successful participation from international companies and the pursuit of joining the CPTPP, China is actively positioning itself as a global economic powerhouse.
This news article was reported by Brenda Goh in Shanghai and Martin Quin Pollard in Beijing, with editing by Michael Perry and Christopher Cushing.
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