Chinese Premier Li Qiang on Wednesday called for embracing free markets and pledged to open China’s consumer market after Beijing and Washington reached a trade deal, raising expectations of normalcy in the restoration of global supply chains.
Ahead of the final agreement, China has agreed to lift the ban on the exports of rare earth metals – much needed for the US defence industry – and resume imports of US soybeans.
Trump signed an executive order to roll back 10 per cent of the “fentanyl tariffs” imposed on China. Both sides officially extended the tariff truce they had agreed on the “reciprocal tariffs” for one year.
Li visited pavilions set up by some US companies after the opening ceremony, sending a clear signal to American and global businesses that the Chinese market would still be fully open to them amid the de-escalation of the trade war between the world’s two largest economies, the Post reported.
Li, however, condemned the rise of tariffs in international trade without naming the US, noting that they had “seriously undermined international economic and trade rules and disrupted the normal operations of enterprises” in various countries.
China, which continued to be an export-dependent economy, grappled with slow growth of domestic consumption as the Chinese were reluctant to spend due to concerns over job prospects and a poor economic outlook.
This year’s CIIE sets a new record in scale, featuring over 4,100 foreign exhibitors from more than 150 countries and regions, Chinese Foreign Ministry spokesperson Mao Ning told a media briefing in Beijing.
China will continue its effort of expanding and opening up so as to share the opportunities of China’s mega market with the world, she said.
