China aims to stabilise foreign trade, allay investor fears as Premier Li issues call to action

China will unblock international airline routes and increase both domestic and international flights in an orderly manner, Li Keqiang vows

Comments come as criticism has been mounting over economic fallout and ramifications of Beijing sticking with stringent coronavirus-control measures

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Premier Li Keqiang has reminded bureaucrats across China that the nation’s economy is heavily driven by foreign trade. Photo: EPA-EFE

Published: 9:00pm, 26 May 2022Updated: 9:29am, 20 Jun 2024

After recent surveys by foreign business groups painted a grim picture of waning confidence and an exodus of business and investment amid China’s strict zero-Covid policy, the nation’s premier spoke to some of their concerns on Wednesday.

Stabilising foreign trade and further opening up China to international markets were among Li Keqiang’s talking points during an all-hands-on-deck teleconference with more than 100,000 bureaucrats from across the country.

“The 8.1 per cent growth of China’s economy last year was largely driven by foreign trade,” Li said, according to a transcript of his speech that was verified by officials who attended the meeting.

“This year, we are met with sharply worsening difficulties amid changing climates, but we must recognise that 70 per cent of our manufacturing relies on imported parts, and that foreign trade generates direct and indirect jobs for 180 million people.”

His comments came as criticism has been mounting over the economic fallout and ramifications of Beijing steadfastly sticking to its stringent coronavirus-control measures in the face of various headwinds, both internal and external.