China must open up further to combat rising unilateralism, Premier says

China will upgrade its free trade zones and explore investment agreements with other countries, Chinese Premier Li Qiang said on Tuesday, adding that opening up was a "must" to combat rising unilateralism globally.

Li told the annual China International Import Expo opening ceremony that as part of this effort, China would further expand foreign investment access to sectors such as telecommunications and healthcare.

He also said authorities were confident China will meet this year's growth target, saying there have been many positive developments in the economy indicating a favorable outlook. Authorities also had fiscal and monetary tools at their disposal, he added.

China's imports have slowed sharply this year as the world's second-largest economy faces strong deflationary pressures due to weak domestic demand and a long-standing property market crisis. Trade friction with the United States and Europe has also escalated.

The import expo was launched by President Xi Jinping in 2018 to burnish China's free trade credentials and counter criticism of its trade surplus with many countries.

Reuters