At the opening of the China International Import Expo (CIIE) in Shanghai, Premier Li Qiang criticized growing global trade restrictions, saying they are undermining business activity and global economic cooperation. The expo, initiated by President Xi Jinping in 2018, serves as a platform to showcase China’s commitment to open trade and global market access.
Why It Matters
China’s trade surpluses have continued to expand despite pledges to boost imports, deepening concerns abroad about trade imbalances. Li’s remarks come amid renewed global debate over tariffs, market access, and supply chain fairness, as countries increasingly resort to protectionist measures.
Li said trade restrictions are “creating barriers to doing business” and pledged to reform global trade rules to make them “fairer, more reasonable, and transparent.”
China’s trade surplus is expected to exceed last year’s record $1 trillion, driven by strong exports even as U.S. sales plunge.
Exports to the U.S. fell 27% in September year-on-year, but shipments to the EU, Southeast Asia, and Africa rose 14%, 16%, and 56%, respectively.
Economists say China’s limited import growth adds to global trade tensions and domestic deflationary pressure.
The CIIE hosts 4,100 overseas enterprises from 155 countries and regions, with U.S. companies again occupying the largest exhibition area.
Recent Developments
Li’s comments follow a trade truce reached last week between Xi Jinping and U.S. President Donald Trump in South Korea. The U.S. agreed to reduce certain tariffs and pause export controls, while China will resume American soybean purchases and suspend new rare earth export restrictions.
What’s Next
Beijing is expected to use platforms like the CIIE to project itself as a champion of free trade amid ongoing tariff disputes. However, analysts say China must also expand imports and domestic consumption if it wants to convincingly demonstrate a shift toward a more balanced global trade role.
With information from Reuters.
