Quick overview

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Chinese Premier Li Qiang announced that the country’s economy is set to surpass 170 trillion yuan (about $23.8 trillion) by 2030 and called for reforms to the global trade system.

Speaking at the opening of the China International Import Expo in Shanghai, Li emphasized that China aims to strengthen its role in global trade amid mounting international restrictions.

In his remarks, the premier warned that tariffs are “severely undermining international economic and trade rules” and “disrupting the normal operations of companies in many countries.” While he did not directly name the United States, his comments were widely interpreted as a response to the ongoing trade tensions between the two powers.

Li stressed that Beijing’s goal is to reform the global trade system to make it “fairer and more transparent,” particularly for developing nations. He added that China’s projected growth will create “a vast market opportunity for the world.”

Growth aligned with China’s five-year plan

China expects its GDP to exceed 140 trillion yuan this year. The 170-trillion-yuan projection for 2030 aligns with the country’s next five-year plan, which targets average annual growth of around 4.2% over the coming years.

The China International Import Expo, launched in 2018 under President Xi Jinping, was designed to highlight China’s commitment to free trade and counter criticism of its growing trade surplus. However, results have been mixed: while exports have continued to surge, import growth has slowed, widening the trade gap.

Economists warn that this imbalance is fueling external trade tensions and domestic deflationary pressure — even as China continues to expand its manufacturing output to global markets.