China ex­pects to serve US$40t ‘big cake’

Shanghai Daily - - TOP NEWS - (Xin­hua)

PRES­I­DENT Xi Jin­ping said yes­ter­day that China’s im­ported goods and ser­vices are es­ti­mated to ex­ceed US$30 tril­lion and US$10 tril­lion, re­spec­tively, in the next 15 years.

Xi made the re­marks when de­liv­er­ing a key­note speech at the open­ing cer­e­mony of the first China In­ter­na­tional Im­port Expo in Shang­hai.

Im­ported goods on the list of China’s “big cake” of im­ports in­clude high-end prod­ucts, such as nu­mer­i­cally con­trolled ma­chine tools, in­tel­li­gent ter­mi­nals, pre­ci­sion med­i­cal equip­ment, ad­vanced ve­hi­cles and civil air­craft. Other im­ports are goods re­lated to daily con­sump­tion, per­sonal elec­tron­ics, farm pro­duce, food, wine, cloth­ing, cos­met­ics and medicine.

Mean­while, China is tak­ing solid steps to ad­vance openingup in the ser­vice sec­tor, ex­pand fi­nan­cial sec­tor, and ac­cel­er­ate the re­form process of sec­tors, in­clud­ing telecom­mu­ni­ca­tions, ed­u­ca­tion, med­i­cal treat­ment and cul­ture.

As the world’s sec­ond-largest econ­omy, China has a mar­ket of more than 1.3 bil­lion con­sumers with land cov­er­ing more than 9.6 mil­lion square kilo­me­ters. China’s “big cake” of im­ports will “well serve their de­mand for up­graded con­sump­tion and the coun­try’s as­pi­ra­tion for high-qual­ity devel­op­ment,” said Gan Chun­hui, vice pres­i­dent of the Shang­hai Academy of So­cial Sci­ences.

In ad­di­tion, the large scale of im­ports is China’s con­crete ac­tion to pro­mote an open world econ­omy and sup­port eco­nomic glob­al­iza­tion, said Gan.

“All coun­tries should be com­mit­ted to open­ing-up and op­pose pro­tec­tion­ism and uni­lat­er­al­ism with a clear-cut stance,” Xi said at the CIIE open­ing cer­e­mony.

Dur­ing his meet­ing with rep­re­sen­ta­tives of for­eign en­trepreneurs at the CIIE, Xi said China has in­tro­duced a se­ries of open­ing-up poli­cies and will roll out more such poli­cies, and host­ing the CIIE is just one of them.

China will in­crease peo­ple’s in­comes and spend­ing power, foster new growth ar­eas of medium-to­high-end con­sump­tion, con­tinue to un­leash the po­ten­tial of the do­mes­tic mar­ket, foster a world­class busi­ness en­vi­ron­ment, ex­plore new hori­zons of openingup, and pro­mote in­ter­na­tional co­op­er­a­tion at mul­ti­lat­eral and bi­lat­eral lev­els, said Xi.

Si­mon Peter Lwanjo, CEO of Uganda-based Preg-Tech Com­mu­ni­ca­tion Ltd, said China’s long list of im­ports of­fers op­por­tu­ni­ties for his com­pany to at­tract po­ten­tial busi­ness and part­ner­ship with China. “I feel it is the right time for China to do this. We be­lieve it is an op­por­tu­nity for us to see how we can work to­gether to show this com­mon pros­per­ity to all peo­ple of the world.”

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