Li Qiang's Keynote Speech at the Opening Ceremony of the 140th China Import and Export Fair (Full Text)

The 140th Canton Fair

The 140th China Import and Export Fair, also known as the Canton Fair, served as the backdrop for Premier Li Qiang's significant address, marking its 70th anniversary. This milestone event, held in Guangzhou, was highlighted as China's longest-running, largest, and most successful international trade gathering. Li Qiang underscored its evolution from a modest exhibition space of 9,600 square meters to a sprawling 1.55 million square meters, attracting over 300,000 buyers from more than 220 countries and regions. The Premier framed the fair as a crucial "window" through which the world can observe China's economic vitality, its people's progress, and the deepening global connections.

The speech reiterated President Xi Jinping's congratulatory message, affirming China's steadfast resolve to expand high-level opening up. Li Qiang detailed how the fair's exhibits have transformed over seven decades, from agricultural products in the 1960s to advanced technologies like embodied AI and smart healthcare today. This progression, he noted, mirrors China's rapid advancements in innovation and its commitment to fostering new drivers for the global economy, particularly in emerging fields such as artificial intelligence, green energy, and biomedicine. The Canton Fair's uninterrupted operation for 70 years, despite international vicissitudes, was presented as evidence of China's commitment to its principles of "honoring contracts and maintaining credibility."

China's Three Commitments

Premier Li Qiang articulated three core commitments that define China's approach to global economic engagement. First, he emphasized that an "increasingly open China brings new opportunities to the world." He pointed to China's status as a major trade partner for over 160 countries and regions, and the largest export destination for nearly 80, with a substantial outward investment stock of $3.4 trillion. This openness, he argued, has not only propelled China's own development but also benefited the global community through economic complementarity.

Second, Li Qiang asserted that a "continuously innovating China provides new impetus to the world." He highlighted the rapid emergence of new technologies, products, and business models in areas like AI, green energy, and biomedicine, which are contributing fresh dynamism and opening new avenues for the global economy. This innovation is reflected in the evolving nature of the Canton Fair's exhibits, showcasing China's technological progress. Third, the Premier stated that a "trustworthy China injects certainty into the world." He cited the Canton Fair's consistent adherence to its founding principles and China's long-term policy stability, including commitments to tariff reductions, development aid, and climate change action, as demonstrations of its responsible role on the global stage amidst turbulence.

Market Connectivity

A central theme of Li Qiang's address was the concept of market connectivity, which he posited as a tool for creating incremental growth rather than a zero-sum game for national competition. He directly criticized the rise of artificial market barriers and the politicization of economic issues, labeling such actions as thinly veiled protectionism. Li Qiang argued that markets are dynamic, interconnected networks that thrive by expanding connections, leading to economies of scale and efficient supply-demand matching. Protectionism, he warned, might seemingly safeguard a domestic market but ultimately severs opportunities for expansion and marginalizes a nation within the global market network, leading to net losses.

The Premier highlighted China's consistent efforts to integrate its domestic and international markets, noting its position as the world's second-largest importer for 17 consecutive years, with imports exceeding 18 trillion yuan last year and growing by 22.3% in the first three quarters of this year. He contended that China's openness has not shrunk its market but rather expanded it by introducing new products and industries, thereby cultivating new demands. Furthermore, China's high-quality and innovative exports contribute to expanding global market space. Li Qiang called for collective action to build an open world economy, enhance connectivity, and enlarge the global market for mutual benefit, advocating for an "upward balance" achieved through expanded openness rather than a "downward balance" resulting from market closures.