SHANGHAI : China will import over $22 trillion worth of goods over the next decade, and the country is accelerating its opening up in spite of the global coronavirus pandemic, Chinese President Xi Jinping said.
Speaking via video message at the opening of the Nov. 5-10 China International Import Expo, or CIIE, an annual import show in Shanghai, he said the world should not let unilateralism and protectionism undermine the international order. “We should take a constructive stance to reform the global economic governance system and promote an open world economy,” he said via video message.
“With a population of 1.4 billion and a middle-income group exceeding 400 million, China is the world’s largest market with the greatest potential. China is expected to import an accumulated over $22 trillion worth of goods in the next 10 years.”
Though the exhibition is focused on buying foreign goods, critics say it does little to address structural issues with China’s export-dominant trade practices, such as weak intellectual property protection and the lack of a level playing field for foreign businesses in China. Xi said China would reduce its catalog of restricted goods and technology imports, treat all companies registered in China equally and sign more high quality trade agreements with other countries.
His $22 trillion pledge compares with a target he announced in 2018, when he said he expects China to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years.
