Consumer vigour and further opening up in China could give a much-needed boost to the stalling global economy, Premier Li Qiang said on Sunday, in the latest sign that Beijing is trying to improve business ties with its major trading partners.
Speaking to more than 1,000 government officials and business leaders at the start of the China International Import Expo (CIIE) in Shanghai, Li pledged that China would further relax policies and buy more goods from foreign businesses, offering greater opportunities to international companies.
“China’s 400 million middle-income consumers represent a colossal purchasing power and offer huge market potential [for foreign businesses] to tap,” he said, adding that other major economies should make “a concerted effort” with Beijing to pursue mutual benefit amid globalisation.
It is the first time in three years that a top Chinese leader has attended the world’s biggest import trade fair.
Australian Prime Minister Anthony Albanese also addressed the event on Sunday, saying prosperity could not be achieved unless trade rules were honoured.
“Along with the other economies in our region, Australia and China have prospered thanks to the certainty and stability that is made possible by rules-based trade,” Albanese said.
“There is of course also an important role for government to play in creating the right conditions for business to innovate and thrive.”
Chinese President Xi Jinping sent a congratulatory letter to the event, which was read out by Vice-Premier He Lifeng at the opening ceremony.
In the letter, Xi said the global economy was stalling and needed coordination to pursue a recovery.
