China pledges to boost imports, expand access to foreign markets

Chinese Premier Li Qiang has pledged that his country will expand market access and boost imports that have fallen this year.

“We will continue to promote openness, with increased inclusivity and benefit-sharing. China would significantly expand imports” he said in a speech Sunday at China’s International Import Expo in Shanghai.

China’s second most powerful man also pledged to “protect the rights and interests of foreign investors in accordance with the law”.

The promise to boost imports from other countries comes despite a slowdown in China’s economy, which has slowed demand for goods from around the world. 

Earlier this month, China reported that imports fell by 6.2% in September, and it continues to decline for the seventh consecutive month.

China is seeking to attract more foreign investors to the country to help the economic recovery, but experts said the decline in FDI as a proportion of the balance of payments reflects fewer foreign companies’ desire to reinvest the profits they have made in the country.

This is due to strained relations with the West, increased attractiveness for holding money abroad, and while advanced economies raised interest rates, China resorted to cutting them to revitalize the economy.