China must open up further to combat rising unilateralism, says Premier Li Qiang

SHANGHAI – China will upgrade its free trade zones and explore investment agreements with other countries, Chinese Premier Li Qiang said on Nov 5, adding that opening up was a “must” to combat rising unilateralism globally.

Mr Li told the opening ceremony of the annual China International Import Expo that as part of this effort, China would further expand foreign investment access to sectors such as telecommunications and healthcare.

He also said the authorities were confident China will meet 2024’s growth target, saying there have been many positive developments in the economy indicating a favourable outlook. The authorities also had fiscal and monetary tools at their disposal, he added.

China’s imports have slowed sharply in 2024 as the world’s second-largest economy faces strong deflationary pressures due to weak domestic demand and a longstanding property market crisis. Trade friction with the United States and Europe has also escalated.

The import expo was launched by President Xi Jinping in 2018 to burnish China’s free trade credentials and counter criticism of its trade surplus with many countries.

Participants in 2024 range from L’Oreal to Siemens and organisers say that close to 3,500 exhibitors from 152 countries and international organisations will take part. Foreign leaders attending the opening ceremony include the prime ministers of Malaysia and Slovakia.

The 2023 fair saw US$78.4 billion (S$103.4 billion) worth of “tentative” deals signed, its organisers previously said.

The expo has, however, been criticised by the European business chamber and others as being more of a government marketing event rather than one that yields deals. REUTERS