China to import more than $22tn over next 10 years

Imports and Exports | | MIC Customs Solutions |

The president of China Xi Jinping has said the country will import more than $22tn worth of goods over the coming ten years.


The president of China Xi Jinping has said the country will import more than $22tn worth of goods over the coming ten years.

It comes as the premier speaks out against “protectionism”, calling for a more constructive approach to an open global economy.

Now that the COVID-19 pandemic is largely under control in China, Mr Xi is looking to reopen the economy rapidly and get the country back in a strong position.

Of all the world’s major economies, only China has managed to experience growth in 2020.

Mr Xi addressed the China International Import Expo in Shanghai via video link on Wednesday when he made the comments.

He said: “The Chinese economy is steadily picking up, as evidenced by the growth in the first three quarters.

“China is the world’s largest market with the greatest potential. The overwhelming trend for countries to move towards openness and cooperation remains unchanged."

The president also expressed a desire for all countries to work together to tackle risks and challenges, as well as strengthen cooperation and communication for greater openness.

He pledged to pursue more free trade agreements, despite foreign governments and businesses criticising the uneven playing field for corporate interests historically in the country.

These comments are presented against a backdrop of uncertainty, as the US is China’s biggest trade partner and the Trump-Biden election remains unresolved.

Both candidates have levied criticism at Beijing over its trade policies, but it is not yet clear what changes Joe Biden would make if he were to win the White House.