Chinese Premier Li Qiang expressed confidence that his country’s economy can surpass ¥170 trillion (about $23.9 trillion or RM99.97 trillion) in the next five years.
Li said that ‘one-sided’ trade restrictions have had a major impact on the international economic and trade order.
However, he stressed that Beijing is committed to strengthening a stable global industrial and supply chain.
Li made the remarks at the Opening Ceremony of the China International Import Expo in Shanghai, in front of leaders and entrepreneurs from various countries including Georgia and Serbia.
He said China will focus on boosting domestic demand as an important part of the new development model outlined in the new Five-Year Plan starting from 2026.
In that context, he mentioned the commitment to promoting an open trade system and international cooperation, with the objective of allowing Chinese goods and services to continue to penetrate global markets without barriers related to restrictions and tariffs.
Li also stressed that the strengthening of China's domestic market will make the country a major contributor to global growth and provide greater opportunities for multinational companies looking to expand their operations in the Asian region.
Earlier, China and the United States (US) reached a trade truce with the two leaders meeting in South Korea that included a reduction in tariffs and export controls.
