China’s Premier Li Qiang Pledges Broader Opening to Stabilize Global Economy

05 Nov, 2024

China’s Premier Li Qiang addressed international business leaders in Shanghai, emphasizing a broader opening to stabilize the slowing global economy. Speaking at the China International Import Expo (CIIE) on Tuesday, he highlighted that China would strengthen efforts to drive growth and import more goods, creating new opportunities for trade partners worldwide. Over 1,000 government officials and corporate executives attended as Li spoke of “concerted efforts” needed to overcome economic challenges and improve China’s outlook. Li affirmed that China will “further open up its supersized market” and support the global economy through its initiatives.

This speech aligns with China’s goal of stabilizing its economy amidst a challenging period. The Chinese economy grew at an annual pace of 4.6% in the last quarter, marking its slowest growth since mid-2023. While the gross domestic product increased by 4.8% between January and September, it remains below the 5% target. To address this, China implemented monetary stimulus measures in September and supported its property sector, signaling readiness to introduce further economic support as needed.

The CIIE, held annually in Shanghai since 2018, was initially launched to demonstrate China’s commitment to free trade amid its trade tensions with the US. This year’s six-day event has drawn over 3,500 exhibitors from 150 countries, showcasing products from global companies like Volkswagen and L’Oreal. In his keynote speech following Li’s address, Malaysian Prime Minister Anwar Ibrahim called for more equitable trade practices, emphasizing the ASEAN bloc’s potential to foster inclusive growth.

The CIIE also highlights technological advancements, serving as a platform for China to embrace world-class technologies and support innovation among domestic firms. The event has become a significant venue for global businesses to deepen relationships with China’s government and market, solidifying its reputation as a symbol of China’s economic openness.

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