China expanded its market access by reducing tariffs to 7.3%, bringing the number of free trade partners to 30.
The 8th China International Import Expo (CIIE) kicked off in Shanghai on November 5. Photo: China Xinhua News/X
Chinese Premier Li Qiang reaffirmed that China will continue to pursue high-quality growth and promote high-level opening-up, pledging to make new contributions to the stability and recovery of the world economy.
Premier Li made the remarks in his keynote speech at the opening ceremony of the 8th China International Import Expo (CIIE) and Hongqiao International Economic Forum in Shanghai on Wednesday, according to Xinhua News Agency.
This year’s exhibition attracted 4,108 overseas exhibitors, including 290 Fortune Global 500 companies and major industry players – an increase of more than 600 attendees from last year – highlighting its resilience as a leading global trade platform despite global economic headwinds.
Over the past eight years, the CIIE has become a major driver of global trade, with cumulative transaction volumes exceeding $500 billion. China, now the second largest consumer and import market in the world, continues to demonstrate remarkable stability and growth.
In 2024, China’s imports of goods reached 18.4 trillion yuan and imports of services reached 4.3 trillion yuan, an increase of more than 60% from a decade ago. Through exports to China, partner countries and companies have reaped significant benefits in terms of wealth creation, job creation and industrial growth.
China has also gradually expanded its market access by reducing overall tariff levels to 7.3 percent, increasing the number of free trade partners to 30, granting zero tariffs to all least developed countries with diplomatic relations, and implementing zero tariff agreements with 53 African countries.
“China will gradually expand its institutional opening-up and advance comprehensive pilot programs to accelerate the liberalization of the service sector,” Li said, adding that “a more modernized China will surely bring greater stability and positive energy to the world.”
Li warned that rising unilateralism and protectionism had disrupted the international economic order, instead calling for equality, mutual benefit and safeguarding international fairness and justice.
He urged the global community to work together to advance international governance reform, optimize global trade rules and strengthen the multilateral trading system centered on the World Trade Organization (WTO).
Li added that the recommendations adopted for the 15th Five-Year Plan at the recent fourth plenary session of the 20th Central Committee of the Communist Party of China (CPC) had brought greater certainty to China’s long-term economic and social development.
The opening ceremony brought together approximately 1,500 representatives of governments, international organizations, academia and the business community from 155 countries and regions. They praised the CIIE’s vital role in promoting global trade, deepening cooperation and supporting economic recovery.
Personally conceived by President Xi Jinping, the CIIE this year set records in terms of exhibition area and number of participants – a reflection of China’s continued commitment to opening up its market and sharing growth opportunities with the world, according to a commentary by Xinhua.
Since its establishment, CIIE has introduced more than 3,000 new products, technologies and services, resulting in planned transactions worth more than $500 billion and the participation of 23,000 foreign exhibitors. The United States, Japan, Germany and France remain among the main participants, with American companies maintaining the largest exhibition area for seven consecutive years.
President Xi has repeatedly emphasized that “China’s door will only open wider.” At the first CIIE in 2018, he described the exhibition as a historic policy initiative for China’s new round of high-level opening-up. Its participation in each subsequent exhibition has strengthened China’s position as a steadfast defender of an open and inclusive global economy.
China’s high-level opening-up is widely seen as a “conceptual revolution” anchored in the pursuit of high-quality development and deeper integration into the global economy. In June, World Economic Forum President Børge Brende highlighted that China’s strong innovation ecosystem in areas such as artificial intelligence, the digital economy, advanced manufacturing and green technology remained a “powerful engine of global growth.”
President Xi reiterated that “investing in China is investing in the future,” highlighting China’s continued efforts to provide a fair, transparent and secure business environment. The country’s negative list for foreign investment has been reduced to just 29 items, none of which relate to the manufacturing sector.
China continues to offer enormous opportunities to the world – being the only developing country to host an international import expo domestically while constantly expanding its market access.
At the recent APEC CEO Summit, President Xi reaffirmed that China will “continue to advance high-level opening-up and strive to help all parties succeed through greater opening-up and connectivity.”
From Rwandan coffee to cutting-edge biotechnology, renewable energy and smart manufacturing, the CIIE stands as a symbol of shared prosperity – a platform where all nations, especially developing ones, can benefit from China’s growth and contribute to a fairer and more inclusive global economy.
