Addressing the opening ceremony of the annual China International Import Expo (CIIE) in Shanghai, Li said China’s imports of goods and services were expected to reach a cumulative US$17 trillion over the next five years, adding that China’s economy continues to rebound and improve.

China will promote the coordinated development of trade in goods and services, continue to protect an international business environment, and promote a higher level of cooperation and openness, Li also said.

The country is also set to release a plan to promote high-standard institutional openness in the Shanghai free trade zone, Li said.

The CIIE, a fair focused on the import of foreign goods, was launched by Chinese president Xi Jinping in 2018 to promote the country’s free trade credentials and counter criticism of its trade surplus with many countries.

However, participation in the event in the past three years has been impacted by the Covid-19 pandemic.

Organisers of the event, which runs from Nov 5-10, said 69 countries and three international organisations, as well as 289 of the world’s top 500 companies, will be participating, according to state media, with firms such as Micron, Nestle, Burberry, and L’Oreal are expected to attend.

The event, however, drew criticism from the European Chamber of Commerce in China on Friday, who called it a “political showcase” and urged Chinese authorities to make changes to the event and enact more tangible measures to restore confidence among European businesses.

Last year, US$73.52 billion worth of “intentional” deals were signed at the fair, up 3.9% from the previous year.