Chinese vice premier calls for joint efforts to achieve balanced trade

Chinese Vice Premier Ding Xuexiang on Thursday called for joint efforts to achieve balanced trade through greater market openness, deeper investment cooperation, innovation and the removal of trade barriers.

Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks in his keynote speech at the opening ceremony of the ninth China International Import Expo and the Hongqiao International Economic Forum in Shanghai.

Noting that profound changes unseen in a century are accelerating across the world, Ding said economic globalization is facing headwinds, imbalances in global development remain prominent and the international economic and trade order is being severely impacted. Concerns over trade imbalances are understandable, and the key is how to achieve balanced trade, he said.

He called on countries to share market opportunities, enhance openness and connectivity, better leverage their respective comparative advantages and promote balance by making the economic pie bigger together.

He also urged deeper investment cooperation and efforts to optimize the cross-border layout of industries, create favorable conditions for businesses and promote balance through integration into global industrial and supply chains.

Ding stressed the need to harness innovation, improve supply quality, expand the frontiers of trade and promote balance through advancing transformation and upgrading.

He also called for greater mutual understanding and trust, giving due consideration to each other's legitimate concerns, resolving differences through consultation and promoting balance by removing barriers.