Xi vows to expand quality imports, build strong domestic market

CHINESE President Xi Jinping said the nation will expand imports of “high-quality products” and help other countries share the opportunities in its domestic market.

China will “accelerate building a powerful domestic market and push for the goods trade to optimise and upgrade,” Xi said in a video speech at the opening of the China International Import Expo on Friday (Nov 4) evening. The global economy’s recovery momentum is still insufficient, he said.

Xi reaffirmed that China will actively seek to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Digital Economy Partnership Agreement. The country is willing to practice multilateralism along with other countries, he said.

The remarks came less than two weeks after the 69-year-old leader filled the Communist Party’s top leadership with his loyalists, a move which could ensure Xi’s rule continues for a decade or more. That and the lack of any signs of change in Covid policy or extra support for the housing market scared off international funds and triggered a sell-off in Chinese equities onshore and in Hong Kong.

On top of markets’ concern is the country’s Covid-Zero strategy, under which repeated outbreaks and mobility restrictions have pushed consumer confidence to record lows this year. Despite growing rumours about a shift to reopening, Xi and other top officials have yet to provide any clear guidance on the outlook for the strategy, although the National Health Commission said this week that the country should “resolutely adhere” to the policy of Covid Zero. BLOOMBERG