Chinese Premier: "Oppose Protectionism... Seek to Strengthen Supply Chains with All Countries" (Comprehensive)

Scheduled to be held annually starting this year
"We will make it a global top-tier trade fair"

On the 28th, Li Chang, Premier of the State Council of China, stated that China opposes protectionism and wishes to strengthen supply chains with all countries.

According to major foreign media, Premier Li said at the opening of the "1st China International Supply Chain Expo (CISCE)" hosted by the China Council for the Promotion of International Trade (CCPIT) in Beijing, China, "We are willing to build close production, cooperation, and industrial supply chain partnerships with all countries," adding, "The international community should be more cautious about the risks brought by protectionism and uncontrolled globalization."

[Image source=Reuters Yonhap News]

Run Hongbin, Chairman of CCPIT, emphasized, "The Supply Chain Expo is the world's first national-level exhibition themed on supply chains," and described it as "a new open platform established for the exchange and cooperation of international industries and enterprises." Chairman Run stressed, "The expo will be held annually, and CCPIT will cooperate with all parties to make the expo a world-class global trade fair."

This event is regarded as an effort to improve foreign investment in China, which has fallen to its lowest level ever. According to data released by China's Ministry of Commerce, foreign direct investment (FDI) into China from January to October this year was 987.01 billion yuan (approximately 178.46 trillion won), a 9.4% decrease compared to the same period last year.

China, which only announces cumulative FDI statistics rather than monthly figures, has been reporting data solely in yuan instead of dollars since August. Market research firm Wind estimated through its own analysis that FDI inflows into China in September amounted to 72.8 billion yuan, a sharp 34% drop year-on-year. This represents the largest monthly decline since 2014.

Liang Guoyong, Chief Economist at the United Nations Conference on Trade and Development (UNCTAD), told the state-run Xinhua News Agency, "International cooperation in supply chains is very important at the corporate, industrial, and national levels," and emphasized, "In the global supply chain environment undergoing serious adjustments, this expo will help promote international cooperation."

The opening ceremony was attended by Indonesian President Joko Widodo, Uruguayan President Luis Lacalle Pou, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, United Nations Conference on Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan, World Intellectual Property Organization (WIPO) Deputy Director-General Wang Binying, and International Trade Centre Secretary-General Arancha Gonz?lez, among others, who delivered speeches. The organizers reported that more than 1,100 representatives from over 90 countries, regions, and international organizations attended the opening ceremony.

The Supply Chain Expo, held until the 2nd of next month, features participation from 515 companies across 55 countries, with exhibition halls divided into six themes: energy, smart cars, digital technology, health and lifestyle, supply chain services, and green agriculture. Korea Trade-Investment Promotion Agency (KOTRA) has set up a Korean pavilion with 50 participating companies to conduct promotions and business consultations. Among the participating companies, 132 are foreign enterprises, with major U.S. companies such as Apple, Amazon, Tesla, and Intel opening booths to participate.

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