Chinese Premier Li Qiang pledged on Sunday to further open the country’s economy to foreign firms and pursue more balanced trade with its global partners, after a year marked by trade friction and tariff wars with the United States and European Union in particular.
China will import more high-quality foreign goods and work with all parties to promote optimised and balanced trade development and expand the global trade pie, Li told the China Development Forum in Beijing, according to state media.
The annual two-day forum, which concludes on Monday, allows Beijing to lay out its economic vision and investment opportunities to foreign business leaders, Chinese officials, economists and academics.
It comes after the world’s second-biggest economy reported a record $1.2 trillion trade surplus for 2025.
Challenges for Beijing are aplenty, including deflecting concerns from an increasing number of global capitals about China’s trade practices and overcapacity, as well as their overreliance on key Chinese products.
While Li’s speech did not appear to directly mention the surplus, his pledges indicate an awareness that the issue could disrupt international relations at a time when China has reached a temporary truce with the U.S. on trade.
U.S. President Donald Trump last week postponed a trip to Beijing to meet with Chinese President Xi Jinping due to the Iran war, delaying an effort to ease tensions between the world’s two biggest economies.
In a separate speech at the forum, China’s central bank governor Pan Gongsheng also sought to alleviate concerns surrounding the trade surplus.
“Analysing global economic imbalances requires looking not only at trade in goods but also services, and not only at the current account but also the financial account,” Pan said, according to a transcript of his speech published by the People’s Bank of China, adding that China is the country with the largest goods surplus but also the largest services deficit.
China has no need and no intention to gain trade competitive advantage through currency depreciation, Pan said.
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