China to continue opening up its mega-market to world: premier

BEIJING - China will continue opening up its mega-market to the world, sharing development opportunities with other countries, and enhancing dialogue and communication to properly addressing economic and trade frictions and achieve win-win outcomes, Chinese Premier Li Qiang said in Beijing on Tuesday.

Li made the remarks during separate meetings with President of the World Bank Ajay Banga, Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, and Secretary-General of the UN Conference on Trade and Development Rebeca Grynspan, all of whom are in China to attend the "1+10" Dialogue.

He said that global trade and investment trends have weakened in recent years due to intensified geopolitical turmoil and increasing international economic and trade restrictions, while the risks of fragmentation in industrial and supply chains have risen, dragging down global economic growth.

In this context, China's economy has remained steady, consistently contributing certainty and stability to the world economy, within its capacity, Li said. During the 15th Five-Year Plan period, China's economy is expected to continue improving, he added.

China will insist on expanding domestic demand, enhancing the internal momentum and reliability of the domestic economic cycle, and promoting the healthy interaction of consumption, investment, supply and demand, he said.

He noted that China will pursue intelligent, green, integrated development to advance the construction of a modern industrial system, strengthen industrial cooperation with more countries, and continuously improve the quality and efficiency of global industrial and supply chains.

The government will implement more proactive macroeconomic policies, address market concerns, and better leverage fiscal and monetary policies to keep economic growth within a reasonable range, he said.

Li noted that China is a firm supporter of the international system with the UN at its core, and backs the work of various international economic organizations. China is willing to work with all parties to implement the four major global initiatives, uphold true multilateralism, and promote an equal, orderly multipolar world, as well as a universally beneficial, inclusive economic globalization.

China seeks to maintain a strong cooperative relationship with the World Bank, and to enhance cooperation in areas such as knowledge-sharing, pension systems and renminbi-denominated loans, Li said. China will also continue providing robust support for the operations of the IMF Shanghai Center, actively promote the reform of IMF quotas, and deepen cooperation to assist low-income countries' development.

China is willing to strengthen communication and coordination with the UN Conference on Trade and Development, focusing on expanding cooperation on green minerals, the digital economy, artificial intelligence and low-carbon transition, the premier said.

Banga, Georgieva and Grynspan said that China has achieved remarkable development in recent years and played a significant role in promoting global economic growth, and that China's 15th Five-Year Plan is expected to provide valuable certainty and strong momentum for the world economy.

They said that all parties have great appreciation for China's long-standing support of development in the Global South, expressing their willingness to strengthen policy communication with China, and to deepen cooperation on artificial intelligence, green development, and trade and investment. They also noted their willingness to uphold multilateralism, safeguard the authority of multilateral institutions such as the United Nations, reform and improve the global governance system, and unite in promoting the facilitation of trade, investment and open, inclusive development.