July 27, 2021

Xi Jinping pledges to make China’s economy more open

UNGA 2020: China pledges to achieve CO2 emissions peak before 2030, carbon neutrality by 2060

Xi Jinping pledges to make China's economy more openXi Jinping pledges to make China’s economy more open

He performed at the Shanghai Import Expo.

Head of China Chairman Xi Jinping said the country will continue to open up access to its economy and become an even larger market for the world. The 3rd China International Import Expo (CIIE) kicked off on Wednesday.

Trade experts said President Xi’s speech at one of the world’s largest trade fairs was an expression of self-confidence and highlighted the need for global cooperation in the face of the COVID-19 pandemic, which has caused significant damage to the global economy..

«We will steadily expand inclusive openness and explore more efficient ways to connect domestic and foreign markets and share factors and resources.», – Xi said in his keynote speech at the opening ceremony via video link.

The Chinese President said his goal is to turn the Chinese market into a market for the whole world, accessible to everyone, in order to bring more positive energy to the global community..

Xi urges global community to cooperate and open up to deal with uncertainty amid COVID-19 pandemic.

In particular, the President of China assured the world that the country’s new development strategy, based on «double circulation» – it is not a development cycle behind closed doors, but a more open domestic and international turnover.

Xi said China will be looking for creative ways to grow foreign trade and noted that China is home to the world’s largest middle-income group of over 400 million, making it the most promising market in the world. China’s total imports are estimated to exceed $ 22 trillion in the next decade.

Chinese trade experts following the progress of the CIIE and the president’s speech say the message boosts confidence and has a huge impact on the global economy, mired in the coronavirus pandemic..

«Significantly, the President of China seized the opportunity to reaffirm China’s stance on opening, clarifying the misunderstanding of the country’s new development model of “double circulation”», – said Lee Yoon, Vice Chairman of the Expert Committee of the China International Trade Association, the Global Times reported on Wednesday.

Huo Jianguo, Vice Chairman of the China Society for WTO Research, said that the President’s speech at CIIE, held amid the challenges and obstacles associated with the coronavirus, underscores China’s determination to promote openness and global cooperation.

«China’s role as a leading global market will mean that the country will continue to increase imports of foreign goods and services, which is important for balancing the country’s trade.», – Ho said in an interview with Global Times.

Facing the challenges posed by the pandemic, no country can weather the impact without working with other partners, believes Wei Jianguo, former Deputy Minister of Commerce of China and Executive Deputy Director of the China Center for International Economic Exchange.

Wei said the Chinese President’s call for large economies to act on sound principles can be seen as a message to the EU and Japan..

Wei predicts that the value of deals made at the third CIIE will double what it was in 2019, as Chinese demand for consumer and industrial goods has increased significantly over the past few years..

China will also cut its catalog of imported or banned technologies to create an enabling environment for technology to move freely across borders, Xi said..

CIIE, one of the world’s largest trade fairs, promotes China’s role as a buyer of global goods.

The event is seen by participating companies around the world as a window into China’s immense opportunity after the country became the first major economy to achieve growth after COVID-19 wreaked havoc on the global economy..

More than 2,700 companies from over 120 countries and regions are expected to participate in the CIIE, according to CIIE’s official data. About 400 thousand professional traders are expected to take part in the exhibition.