Daily Management Review

Amid Criticism From Abroad, China Promises To Increase Market Access At The Annual Trade Show


Amid Criticism From Abroad, China Promises To Increase Market Access At The Annual Trade Show
China's leader, speaking at a trade show in Shanghai on Sunday, promised to increase imports and broaden market access. However, European businesses expressed disapproval, stating that they desired to see more noticeable progress in the nation's business climate.
At the annual China International Import Expo opening ceremony, Li Qiang stated that the government was dedicated to liberalising its economy and that, in the following five years, imports of products and services will amount to a total of $17 trillion.
"No matter how the world changes, China's pace of opening up will never stall, and its determination to share development opportunities with the world will never change," Li said.
According to him, China would ease market access, including removing barriers to foreign investment in manufacturing, safeguard an international business environment, and encourage the coordinated growth of trade in products and services.
President Xi Jinping introduced the import expo in 2018 to bolster China's reputation for free trade and address criticism of its large trade imbalance with other nations. However, the COVID-19 epidemic has limited participation over the last three years.
The European Chamber of Commerce in China criticised this year's event on Friday, calling it a "political showcase" and pleading with the government to take more concrete steps to win back European companies' trust in China.
Amidst a recession in the second-largest economy in the world, China's imports have fallen this year; however, figures released last month suggested that the decline may be beginning to reverse.
In his speech, Li listed some of the companies that had benefited from the show; these included a Japanese pharmaceutical company and an Afghan carpet manufacturer, though he did not name them. Of the approximately 3,400 companies that were present this year, more than 200 had attended the show for the previous six years.
Large delegations from the US and Australia are attending the event, which takes place from November 5–10. According to state media, participating companies include L'Oreal, Nestle, Burberry, and Micron Technology.
At the opening ceremony of his first visit to China as prime minister in seven years, Australian Prime Minister Anthony Albanese stated that communication and collaboration were "in all our interests" on Sunday.
The amount of "intentional deals" inked during the show last year was $73.52 billion, an increase of 3.9% over the year before.
Li added in his speech on Sunday that China will "actively promote" its application to become a member of the Comprehensive Progressive Trans-Pacific Partnership (CPTPP).
Ecuador, Uruguay, Taiwan, Costa Rica, and Uruguay have also submitted applications to join.
A historic trade agreement known as the CPTPP was reached in 2018 by 11 nations: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
This year, Britain joined the deal, which lowers trade barriers, as its twelfth member. If the applications are handled in the order that they were received, China's application will be the next one that the 12 members will review.