CHINA - BOTH WORLD'S FACTORY AND WORLD'S MARKET

SHANGHAI, NOVEMBER 5 /SRNA/ – The success of international trade should not be measured solely by the volume of goods exchanged, but also by the number of jobs created, poverty reduction, the creation of equal opportunities and contributions to sustainable development, it was stated at the opening ceremony of the China International Import Expo in Shanghai.

Chinese Vice Premier Ding Xuexiang emphasized that by hosting the Expo, China is reaffirming its commitment to trade liberalization, economic globalization and further opening its market to the world.

He noted that China has reduced its overall tariff rate to 7.3 percent, abolished restrictions on foreign investment in the manufacturing sector and introduced a zero-tariff policy for least developed countries and African countries with which it maintains diplomatic relations.

According to him, China is now both the world's factory and the world's market, with its imports growing by 22.3 percent in the first three quarters of this year, six percentage more than its export growth.

Ding stressed that China does not strive for a trade surplus, but rather balanced trade and more equitable global development. He also highlighted the importance of strengthening investment cooperation, global industrial supply chains and technological innovation.

He noted that foreign-invested companies accounted for 27 percent of China's total exports in 2025, while the average return on investment for foreign companies over the past five years stood at approximately nine percent.

Ding emphasized the importance of cooperation in the digital and intelligent economy, green development and high technology, noting that integrated circuit exports increased by 99.1 percent in the first three quarters, while exports of electric vehicles, lithium-ion batteries and photovoltaic products rose by 45.6 percent.

United Nations Development Programme /UNDP/ Administrator Alexander De Croo stressed that trade can be a powerful driver of development, but that for developing countries, alongside access to international markets, strengthening local production capacities, industry and employment is essential.

He warned that as many as 1.2 billion young people worldwide will enter the labour market over the next 15 years, making it essential to create genuine opportunities for employment, a decent standard of living and a more secure future.

De Croo emphasized that economic growth must be sustainable, supported by investment in green technologies and reductions in greenhouse gas emissions. He also noted that trade should contribute to reducing gender inequality and extreme poverty.

Austrian Federal Chancellor Christian Stocker stated that Europe does not seek isolation, but rather cooperation and stronger connections, while preserving its economic resilience and industrial capacity.

He stressed that successful partnerships must be based on fair competition and equal terms, while trust between partners is built through open dialogue and a willingness to resolve disagreements together.

"We must not allow differences to define our relations. We need to continue joining forces to turn innovation into shared progress for our economies, societies and future generations," Stocker said.

President of Gabon Brice Clotaire Oligui Nguema called on Chinese businesspeople to invest in his country, noting that Gabon is undergoing an economic transformation focused on local processing of raw materials, job creation and strengthening local production.

He stated that Gabon possesses significant natural resources, including oil, gas, uranium, manganese, gold, iron ore and forest resources, as well as five million hectares of arable land.

Highlighting the Nkok Special Economic Zone, which offers investors tax incentives and developed logistical infrastructure, Oligui Nguema called for investment in energy, agriculture, digital development and the green economy.

He described the Expo as not only an opportunity to open the Chinese market to the world, but also to strengthen economic ties among countries internationally.

"Trade can be an instrument of peace, solidarity and shared prosperity," Oligui Nguema emphasized.

The ninth China International Import Expo is being held under the slogan "A New Era, a Shared Future" and brings together representatives of countries, international organisations and the business community from around the world.

The Expo opened yesterday in Shanghai and runs until Tuesday, November 10.