Chinese Vice Premier Ding Xuexiang on Thursday called for joint efforts to achieve balanced trade through greater market openness, deeper investment cooperation, innovation, and the removal of trade barriers.
Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks in his keynote speech at the opening ceremony of the ninth China International Import Expo (CIIE) and the Hongqiao International Economic Forum in Shanghai. Noting that profound changes unseen in a century are accelerating across the world, Ding said economic globalization is facing headwinds, imbalances in global development remain prominent, and the international economic and trade order is being severely impacted.
Concerns over trade imbalances are understandable, and the key is how to achieve balanced trade, he said.
He called on countries to share market opportunities, enhance openness and connectivity, better leverage their respective comparative advantages, and promote balance by making the economic pie bigger together.
He also urged deeper investment cooperation and efforts to optimize the cross-border layout of industries, create favorable conditions for businesses, and promote balance through integration into global industrial and supply chains.
Ding stressed the need to harness innovation, improve supply quality, expand the frontiers of trade, and promote balance through advancing transformation and upgrading.
He also called for greater mutual understanding and trust, giving due consideration to each other's legitimate concerns, resolving differences through consultation, and promoting balance by removing barriers.
Gabonese President Brice Clotaire Oligui Nguema, Austrian Federal Chancellor Christian Stocker, and Alexander De Croo, administrator of the United Nations Development Program (UNDP), were among the international leaders who attended the opening ceremony and delivered speeches.
Before the ceremony, Ding visited the exhibition of enterprises participating in the CIIE. He toured the pavilions along with other international leaders after the event.
During his stay in Shanghai, Ding met separately with Liberian Vice President Jeremiah Koung, Georgian Vice Prime Minister and Minister of Economy and Sustainable Development Mariam Kvrivishvili, Cuban Deputy Prime Minister and Minister of Foreign Trade and Investment Oscar Perez-Oliva Fraga, Slovak Deputy Prime Minister and Minister of Economy Denisa Sakova, and UNDP Administrator De Croo.
During the meetings, Ding said China is ready to strengthen mutual support with all parties, expand openness and cooperation, deliver more practical cooperation outcomes, and continue to inject new impetus into global development and prosperity.
The foreign leaders spoke highly of China's commitment to open development and its efforts to share market opportunities with all other countries, noting that the country plays an important role in promoting balanced and coordinated development of the world economy.
They expressed the hope to deepen cooperation with China across various fields and achieve better mutual benefits and win-win results.
The ninth edition of the CIIE, the world's first national-level exhibition dedicated to imports, opened alongside the Hongqiao International Economic Forum.
Running through Nov 10, this year's expo has attracted 4,142 overseas exhibitors, including more than 300 Fortune Global 500 companies and industry leaders.
Chinese vice premier calls for joint efforts to achieve balanced trade
