China aiming at $40 tn from imports

China is aiming at $40 trillion from imports in the next 15 years i.e. $30 trillion from goods and $10 trillion from services.

Speaking at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai, Chinese President Xi Jinping said, “In the next 15 years the value of China’s imports of goods would exceed $30 trillion and of services $10 trillion, in step with the increasing demand of Chinese people pursuing a better life.

“China is taking solid steps to expand financial opening-up, continue to advance opening-up in the services sector and deepen opening-up in agriculture, mining and manufacturing. The country will also accelerate opening-up areas including telecommunications, education, medical treatment and culture,” said Xi Jinping.

In 2017, China’s goods imports rose to $1.74 trillion, up 16 per cent from 2016 whereas its exports rose to $2.21 trillion, up 11.4 per cent.

The six day event is expected to witness 300,000 visitors with participation of more than 3,600 companies including 200 from Fortune Global 500. The exhibitors are showcasing high end technologies such as industrial robots, machine tools, Artificial Intelligence (AI) and advanced healthcare. The total exhibition area of the CIIE will exceed 240,000 square meters, covering both national trade and investment fair and business fair.