Xi Jinping "Will Expand Opening-up"

"Global Economic Governance Reform" Remarks Targeting US Protectionism Also Made

[Asia Economy Reporter Yujin Cho] Chinese President Xi Jinping reiterated China's fundamental stance of multilateralism and expanding openness on the 4th in response to the United States' protectionism.

In his keynote speech via video at the China International Import Expo held in Shanghai that night, President Xi said, "China will release a negative list for service trade and continuously expand openness in areas such as the digital economy and the internet." He also added that the list of prohibited and restricted import technologies would be reduced.

President Xi stated, "The trend of countries moving toward openness and cooperation has not changed. We must jointly respond to risks and challenges, strengthen cooperation and communication, and expand external openness."

He emphasized that China is promoting the so-called 'dual circulation' strategy centered on consumption expansion, saying, "It is not a closed domestic circulation but an open domestic and international dual circulation."

He continued, "Facing the challenges of economic globalization, we should not allow unilateralism and protectionism to destroy the international order and international norms, but rather reform the global economic governance system with a constructive attitude," making remarks seemingly aimed at the United States, which is strengthening protectionism.

Furthermore, he urged, "We must maintain the multilateral trading system based on the World Trade Organization (WTO), complement global economic governance rules, and promote an open world economy."

Although this was the first economic-related event held after the US presidential election, there was no mention of the election results. The Import Expo serves as a stage for China to secure allies by leveraging its strong purchasing power amid US pressure, and last year, purchase contracts exceeding 80 trillion won were signed.

This content was produced with the assistance of AI translation services.