China’s Li Qiang Vows To Open Markets, Criticises Protectionism Amid Trade Tensions
China’s Premier Li Qiang said on Sunday the country would further open its economy and expand imports, while criticising rising protectionism and unilateral policies by some countries, state media reported.
Speaking at the China Development Forum in Beijing, Li said China would “steadfastly advance high-level opening up” and work with other economies to grow global trade.
“We should join forces to make the global economic and trade pie larger,” Li told business leaders, according to Xinhua.
The comments come as some of China’s major trading partners urge Beijing to curb its large trade surplus, which they say is distorting competition.
China’s trade rose sharply at the start of the year, with official data showing a roughly 20% increase in the first two months, exceeding expectations.
Li said China would import more high-quality goods and promote more balanced trade, as Beijing seeks to stabilise an economy facing weak domestic demand following the pandemic.
He also warned that unilateralism and protectionism were “no panacea” for global economic challenges.
The forum, an annual gathering of global executives and Chinese officials, was attended by business leaders including Apple Chief Executive Tim Cook.
China, the world’s second-largest economy, is relying on strong exports to support growth as consumer spending remains subdued, contributing to a record trade surplus last year.
Li said the global economic order was facing “severe disruption”, with power politics on the rise.
China was locked in a trade dispute with the United States last year after President Donald Trump imposed tariffs on Chinese goods.
Separately, Vice Premier He Lifeng met executives from multinational firms including HSBC, UBS, Schneider Electric and Standard Chartered, Xinhua said.
The forum took place against the backdrop of escalating conflict in the Middle East, which has raised concerns about global energy supplies and could affect China’s oil imports.
