China expanded its market access by reducing tariffs to 7.3%, increasing free trade partners to 30
8th China International Import Expo (CIIE) kicked off in Shanghai on November 05. Photo: China Xinhua News/X
Chinese Premier Li Qiang reaffirmed that China will continue to pursue high-quality growth and promote high-standard opening up, pledging new contributions to the stability and recovery of the global economy.
Premier Li made these remarks on Wednesday in his keynote address at the opening ceremony of the 8th China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai, according to Xinhua news agency.
This year’s expo has drawn 4,108 overseas exhibitors, including 290 Fortune Global 500 companies and leading industry players — an increase of more than 600 participants from last year — underscoring its resilience as a premier global trade platform despite worldwide economic headwinds.
Over the past eight years, the CIIE has grown into a major driver of global commerce, with cumulative transaction volumes exceeding $500 billion. China, now the world’s second-largest consumer and import market, continues to demonstrate remarkable stability and growth.
In 2024, China’s goods imports reached 18.4 trillion yuan and services imports 4.3 trillion yuan, both marking increases of over 60 per cent compared with a decade ago. Through exports to China, partner countries and enterprises have reaped significant benefits in terms of wealth creation, job generation, and industrial growth.
China has also steadily expanded its market access by reducing overall tariff levels to 7.3 per cent, 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 nations.
“China will steadily expand institutional opening up and advance comprehensive pilot programmes to accelerate the services industry’s liberalisation,” Li said, adding that “a more modernised China will surely bring greater stability and positive energy to the world.”
Li cautioned that rising unilateralism and protectionism have disrupted the international economic order, calling instead for equality, mutual benefit, and the safeguarding of international fairness and justice.
He urged the global community to work together to advance international governance reform, optimise global trade rules, and strengthen the multilateral trading system centred 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 Communist Party of China (CPC) Central Committee had injected greater certainty into China’s long-term economic and social development.
The opening ceremony was attended by about 1,500 representatives from governments, international organisations, academia, and the business community from 155 countries and regions. They praised the CIIE’s vital role in promoting global trade, deepening cooperation, and bolstering economic recovery.
Conceived personally by President Xi Jinping, the CIIE has set record highs this year in both exhibition area and number of participants — a reflection of China’s continued commitment to opening its market and sharing growth opportunities with the world, according to a Xinhua commentary.
Since its inception, the CIIE has showcased over 3,000 new products, technologies, and services, resulting in intended transactions worth more than $500 billion and participation from 23,000 overseas exhibitors. The United States, Japan, Germany, and France remain among the top participants, with US companies maintaining the largest exhibition area for seven consecutive years.
President Xi has repeatedly underscored that “China’s door will only open wider.” At the first CIIE in 2018, he described the expo as a landmark policy initiative for China’s new round of high-level opening up. His involvement in each subsequent expo has reinforced China’s position as a steadfast advocate of an open, inclusive world economy.
China’s high-standard opening up is widely seen as a “conceptual revolution” rooted in the pursuit of high-quality development and deeper integration with the global economy. In June, World Economic Forum President Børge Brende noted that China’s strong innovation ecosystem in areas such as artificial intelligence, the digital economy, advanced manufacturing, and green technologies remains a “powerful driver of global growth.”
President Xi has reiterated that investing in China is investing in the future,” pointing to China’s continuous 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 are in the manufacturing sector.
China continues to offer enormous opportunities to the world — being the only developing country that hosts a national-level international import expo while consistently broadening market access.
At the recent APEC CEO Summit, President Xi reaffirmed that China will “continue advancing high-level opening up, and strive to help all sides succeed through greater openness and connectivity.”
From Rwandan coffee to cutting-edge technologies in 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, more inclusive global economy.
