China's Premier Li Qiang has announced a commitment to embracing free markets and free trade, a bold move amidst global economic challenges. In a speech at the China International Import Export (CIIE) in Shanghai, Li emphasized the country's dedication to supporting globalization and strengthening economic ties with trading partners. Amidst a backdrop of a slowing global economy and escalating international disputes, Li urged the audience of government officials, business leaders, and merchants to embrace equal and mutually beneficial cooperation. He highlighted the importance of resolving cross-border issues through joint development and creating an open, inclusive environment for all parties involved.
The premier outlined China's strategy for the next five years, projecting an economic scale surpassing 170 trillion yuan (US$23.9 trillion). He assured the audience that China will continue to advance high-level opening-up, promoting high-quality development, and expanding domestic demand, particularly consumption. With a large market of over 1.4 billion people, China aims to fully unleash its internal demand potential, driving economic growth and stability. This commitment to free markets and free trade is seen as a significant step towards restoring normalcy to global supply chains, following recent trade agreements between Beijing and Washington.
