China vows to expand market access, boost imports

China will further expand market access and increase imports, Premier says, amid criticism from European firms which say they want more tangible improvements in the country's business environment.

Li Qiang said during the opening ceremony of the annual China International Import Expo in Shanghai that the country was committed to opening its economy and that imports of goods and services were to reach a cumulative US$17 trillion (HK$132.6 trillion) within the next five years.

"No matter how the world changes, China's pace of opening up will never stall, its determination to share development opportunities with the world will never change," Li said.

China will promote coordinated development of trade in goods and services, protect an international business environment, and relax market access including lifting restrictions on foreign investment in manufacturing, he said.

The expo was launched by President Xi Jinping in 2018 to promote China's free trade credentials and counter criticism of its trade surplus with many countries. However, participation in the past three years was curtailed by Covid.

This year's event drew criticism from the European Chamber of Commerce in China, which branded it a "political showcase" and urged authorities to enact tangible measures to restore confidence among European businesses.

China's imports have slumped this year amid an economic slowdown, although data released last month show the downtrend could start to ease.

Li cited examples of businesses that had benefited from the show - including an Afghan carpet maker and a Japanese pharmaceutical firm - and said out of roughly 3,400 companies participating, over 200 had been repeat attendees for the past six years.

Countries including Australia and the United States have a large presence at the event, which runs until Friday. Participants include Micron Technology, Nestle, Burberry, and L'Oreal, state media reported.

Australian Prime Minister Anthony Albanese, speaking at the expo on the first full day of a high-profile state visit to his country's biggest trading partner, vowed to "work constructively" with China.

"Constructive economic engagement between countries helps to build relationships ... that is why the government that I lead will continue to work constructively with China," Albanese said.

He will spend four days in China, splitting his time between Shanghai and Beijing.