China Pledges to Expand Market Access at Annual Trade Fair Amid Foreign Criticism

By Brenda Goh

SHANGHAI, China – At a trade fair in Shanghai, China’s Premier Li Qiang announced plans to further open the nation’s market and boost imports, amidst growing criticisms from European businesses who desire more significant changes in the Chinese business landscape.

During the opening ceremony of the annual China International Import Expo, Li reaffirmed China’s commitment to economic openness, projecting that imports of goods and services would cumulatively reach $17 trillion in the next five years.

"Regardless of global changes, China’s commitment to opening up will not waver, nor will its resolve to share development opportunities with the world," Li stated.

He emphasized that China would enhance coordinated development of trade, protect an international business environment, and ease market access, including relaxing restrictions on foreign investment in the manufacturing sector.

Launched by President Xi Jinping in 2018, the import expo aims to bolster China’s free trade reputation and address criticisms regarding its trade surplus with various nations. However, participation has been limited over the past three years due to the COVID-19 pandemic.

This year’s event faced disapproval from the European Chamber of Commerce in China, which labeled it a "political showcase". The organization urged the government to implement more concrete actions to rebuild European business confidence in China.

Although China’s imports have decreased this year due to a deceleration in its economy, recent data suggests a potential easing of this downward trend.

In his remarks, Li pointed out examples of companies that benefitted from the expo, including an Afghan carpet manufacturer and a Japanese pharmaceutical firm, although specific names were not provided. He noted that out of approximately 3,400 participating companies, over 200 had returned for six consecutive years.

Countries such as Australia and the United States have sent sizable delegations to the expo, which runs from November 5-10. Prominent attendees include major companies like Micron Technology, Nestle, Burberry, and L’Oreal.

During the opening ceremony, Australian Prime Minister Anthony Albanese, marking the first visit to China by an Australian leader in seven years, emphasized that dialogue and cooperation were "in all our interests."

Last year, deals worth $73.52 billion were signed at the fair, reflecting a 3.9% increase from the previous year.

Li also announced that China would "actively promote" its application to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP), which several countries, including Taiwan, Ukraine, Costa Rica, Uruguay, and Ecuador, are also pursuing.

The CPTPP is a significant trade agreement established in 2018 involving 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Earlier this year, Britain became the 12th member of this pact, which aims to reduce trade barriers. China’s application will be considered next, in accordance with the order in which applications were received.