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CIIE 2023: Premier Li Qiang promotes Chinese consumers as fix for global economy amid push to improve trade ties
- China’s middle class has ‘colossal purchasing power’ with ‘huge’ potential for foreign businesses, Li says at world’s biggest import fair
- Australian leader Anthony Albanese also addresses event, saying regional economies have prospered because of stability from ‘rules-based trade’
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Daniel Renin Shanghai
Consumer vigour and further opening up in China could give a much-needed boost to the stalling global economy, Premier Li Qiang said on Sunday, in the latest sign that Beijing is trying to improve business ties with its major trading partners.
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Speaking to more than 1,000 government officials and business leaders at the start of the China International Import Expo (CIIE) in Shanghai, Li pledged that China would further relax policies and buy more goods from foreign businesses, offering greater opportunities to international companies.
“China’s 400 million middle-income consumers represent a colossal purchasing power and offer huge market potential [for foreign businesses] to tap,” he said, adding that other major economies should make “a concerted effort” with Beijing to pursue mutual benefit amid globalisation.
It is the first time in three years that a top Chinese leader has attended the world’s biggest import trade fair.
Australian Prime Minister Anthony Albanese also addressed the event on Sunday, saying prosperity could not be achieved unless trade rules were honoured.
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