China Promises to Expand Market Access and Increase Imports. Chinese Premier Li Qiang promised that his country would expand access to markets and increase imports which have sagged this year.
Meanwhile, the promise to increase imports comes at a time when China’s economy is experiencing a slowdown and has hurt demand for goods from China. This was conveyed at the China International Import Expo (CIIE) in Shanghai.
For the record, the CIEE event itself started in 2018 and aims to provide opportunities for foreign exporters to increase their trade with China.
China Promises to Expand Market. Then, it was discovered that China’s imports in September 2023 fell 6.2%, marking a decline for seven consecutive months.
Meanwhile, Li also added that he promised to protect the rights and interests of foreign investors in accordance with the law. These comments were also made after the number of foreign investments into China recorded a negative figure, the first time since records began in 1998.
China is trying to attract more foreign investors to its country to help economic recovery. Economists say that the decline in Foreign Direct Investment (FDI) based on the balance of payments measure reflects the decline in the desire of foreign companies to reinvest profits earned in the country.
This is due to tensions in relations with Western countries and the increasing attractiveness of storing cash abroad. Developed countries have raised interest rates, while China has lowered interest rates to stimulate the economy.