(Nov 5): Chinese Premier Li Qiang said his country’s economy is expected to surpass 170 trillion yuan (US$23.90 trillion) in five years, touting China as a growing market for global companies as Beijing seeks to mitigate concerns over its trade imbalances.
The expansion of gross domestic product represents “new significant contributions to global growth”, Li told government and business leaders gathered at the annual China International Import Expo in Shanghai, which kicked off on Wednesday.
He stressed that China would focus on “expanding domestic demand, especially on boosting consumption” to unleash the potential of the market. Georgian Prime Minister Irakli Kobakhidze and Serbian Prime Minister Duro Macut were among those in the audience.
Li’s remarks came days after Beijing and Washington sealed a trade truce in South Korea, where US President Donald Trump and China’s Xi Jinping agreed to reduce tariffs and roll back export controls and other trade barriers in a landmark summit that stabilised relations after months of escalation.
In a clear criticism of such trade barriers, Li said “unilateral and protectionist measures have had a severe impact on the international economic and trade order”. He added that China will work with other countries to promote stable and unimpeded global industrial and supply chains.
See also: China's services gauge extends growth streak, bucking slowdown
Trade tensions have also fed into China’s next five-year plan, with Beijing last week pledging to “form an economic development model driven more by domestic demand and powered by consumption”.
The government plans to “significantly” boost consumption’s contribution to the economy and increase spending on public services and work on promoting employment, according to a readout last week laying out basic principles for the next five-year plan starting in 2026.
The new language signals growing resolve on the part of China’s policymakers to promote consumption among its 1.4 billion people, as countries around the world increasingly push back on its cheap goods flooding global markets.
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