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International trade

China Pledges Support for Global Economy and Trade at 17th BRICS Summit

Strategic Insights

— 1 min read

Chinese Premier Li Qiang emphasized China's commitment to supporting the global economy and trade, highlighting the need for a multilateral trading system and the World Trade Organization's (WTO) active role in stabilizing the international economic order. He also underscored China's confidence in promoting steady and healthy economic development, despite facing adverse external impacts. As part of its efforts, China plans to introduce more measures for voluntary and unilateral opening up, while strictly adhering to WTO principles and market rules.

Key Takeaways:

  • China's Premier Li Qiang pledged support for the global economy and trade, affirming the country's commitment to multilateralism and free trade.
  • The international community is expected to safeguard the multilateral trading system, with growing demands for the WTO to play a more active role in promoting a stable global economic order.
  • China has ample resources and means to counter the impact of external challenges, and is confident in promoting steady and healthy economic development, despite the ongoing pandemic and global economic fluctuations.
  • As part of its efforts to boost consumption and stimulate domestic demand, China has implemented a range of proactive and effective macro policies.
  • The country plans to introduce more measures for voluntary and unilateral opening up, while adhering to WTO principles and market rules to share development opportunities with other nations.

Statistics:

  • China has a huge market of over 1.4 billion consumers with growing demand that could inject positive energy into the global economy.
  • The country has implemented more proactive and effective macro policies this year to advance its strategy of expanding domestic demand.
  • China has a significant amount of resources and means available to counter the impact of external challenges on its economy.

Sources:

  • Chinese Premier Li Qiang's remarks during the meeting with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iwealaon the sidelines of the 17th BRICS Summit.

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