Chinese Premier Li Qiang spoke during the China International Import Expo in Shanghai and vowed to boost imports and expand market access amid foreign criticism.
During his Sunday address, Li said that China will continue to promote opening up with greater inclusiveness and benefit-sharing. He added that the Asian superpower will "actively expand imports."
China To Boost Imports and Expand Market Access
Li also committed to protecting the rights and interests of foreign investors in accordance with the law. It was a comment that came after a measure of foreign investment into the world's second-largest economy turned negative for the first time since records began in 1998.
The Chinese premier's promise to boost imports from other countries was made despite the slowdown in the Asian nation's economy. This has affected demand for goods from around the world. Previously, China reported that imports decreased 6.2% in September, down for the seventh month in a row.
Additionally, the country has been looking to attract more foreign investors into the nation to aid its economic recovery. Economists have argued that the decline in FBI by the balance-of-payments measure reflects less willingness by foreign companies to re-invest profits made in China, as per Bloomberg.
The situation is a result of strained ties with the West and the rising attractiveness of keeping cash overseas. Several advanced economies have also started raising interest rates while China has been cutting them down to stimulate the economy.
Australian Prime Minister Anthony Albanese's visit to China marked the first such trip by a leader from his nation in the last seven years. He spoke after Li and said that his country will continue to work constructively with China. He said that this is because it is in all their interests to have a relationship where there is dialogue and cooperation.
Albanese was attending the expo in an effort to promote Australian exports and businesses. This comes as China recently removed trade curbs on Australian barley, coal, and timber. These were moves that followed an extended period of frosty relations between Beijing and Canberra.
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Addressing China's Lagging Economy
Li said that imports of goods and services are set to reach a cumulative $17 trillion within the next five years. He added that no matter how the world changes, China's pace of opening up will never let down. The Chinese premier noted that the Asian nation's determination to share development opportunities with the world will remain constant, according to Reuters.
Chinese President Xi Jinping launched the import expo in 2018 in an effort to promote his country's free trade credentials and counter criticism of its trade surplus with many nations. However, participation levels in the last three years were down due to the coronavirus pandemic.
Albanese also noted his plans to discuss joint approaches to climate change, challenges to agriculture, and cooperation in the arts. He added that despite its ups and downs, the relationship between the two nations is to be based on respect, maturity, and mutual benefit.
The Australian prime minister said that his country will cooperate where it can, disagree where it must, and engage it in its national interest. Albanese noted that dialogue with China is crucial to helping secure peace, prosperity, and security, said the Associated Press.
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