SHANGHAI • China's accumulated imports of goods will exceed US$22 trillion (S$30 trillion) over the next decade, and the country is accelerating its opening up despite the global coronavirus pandemic, Chinese President Xi Jinping said yesterday.
He was speaking via video message at the opening ceremony of the China International Import Expo in Shanghai.
China opted to push ahead with its annual import fair this year, a rare in-person trade event held during the pandemic, albeit with stringent capacity limits and health restrictions.
Analysts said it was a signal that the country is open for business.
The country is set to be the only major economy to grow this year after largely bringing the epidemic under control, following its emergence in the central city of Wuhan last year.
Mr Xi said China wants to make its market "the world's market", as it moves towards a new "dual circulation" economic model.
It will, for example, reduce the country's import restrictions, treat all companies registered in China equally and sign more trade agreements with other countries, he said.
He added that the world needs to work together, stand against unilateralism and not "throw punches" at one another as the global economy is facing many challenges, especially with the pandemic.
"Covid-19 is a stark reminder that all countries are in a community with a shared future. No one can stay immune in a major crisis," he said in his keynote speech.
"We need to trust rather than second-guess one another; we need to join hands with rather than throw punches at one another; we need to consult rather than slander one another."
Big countries need to lead by example, major economies need to act on sound principles, and developing countries should play an active part in promoting opening up and sharing responsibilities, Mr Xi added. He also called on all countries to safeguard the multilateral trading system, improve the rules of global economic governance and build an open world economy.
Tensions between China and other countries have ratcheted up over the past year.
Its relationship with the United States has been particularly strained over topics such as technology and trade, and US President Donald Trump's administration has launched a raft of sanctions against Beijing.
Mr Xi said China will work for the early signing of the Regional Comprehensive Economic Partnership (RCEP).
The RCEP trade deal involves the 10 Asean members, including Singapore, as well as Australia, China, Japan, New Zealand and South Korea.
Mr Xi also promised to continue to shrink so-called negative lists for investment, which close certain sectors to foreign participation, and to shorten the list of restricted technology imports.
Many international companies, including some top players in the pharmaceuticals, medical appliance, dairy, automotive and construction equipment sectors, have signed up to join the expo, which includes multiple business seminars and forums on the sidelines, Chinese officials have said. The event runs until next Tuesday.
REUTERS, XINHUA, BLOOMBERG
