ANKARA

Chinese Premier Li Qiang on Tuesday pledged to import more goods from trading partners as the 7th China International Import Expo opened in Shanghai.

Li said Beijing will further open up its supersized market to share opportunities with other countries.

“We have the ability to drive the growth of our economy. China is making contributions (to the global economy) in its own way,” Li said, according to the daily South China Morning Post.

Li was addressing over 1,000 government officials and company executives who gathered in Shanghai for the six-day-long expo.

His comments came as China's National People’s Congress Standing Committee met Monday to consider a plan to raise local governments' debt ceilings in order to transfer some of their off-balance-sheet liabilities to their official accounts.

The plan is aimed at easing their debt burdens and reducing fiscal risks as part of efforts to shore up the national economy.

Amid sluggish growth, China is expected to announce a fiscal stimulus package, with estimates ranging from 2 trillion to over 10 trillion yuan ($281.7 billion to $1.4 trillion).

China has set an economic expansion target of around 5% this year.

The expo in Shanghai this year attracted 3,496 exhibitors from 129 countries and regions. It also sets a new record with 297 Fortune Global 500 companies and industry leaders attending the event.

Several foreign leaders, including Malaysian Prime Minister Anwar Ibrahim, Uzbek Prime Minister Abdulla Aripov, Slovak Prime Minister Robert Fico, Kazakh Prime Minister Olzhas Bektenov, Mongolian Prime Minister L. Oyun-Erdene, and Serbian Prime Minister Milos Vucevic will be attending the event.

Some 3,800 journalists from domestic and international media are also attending the expo.

At the expo, more than 400 new products, new technologies and new services are set to be unveiled.

Since its inaugural edition in 2018, the expo has evolved into a significant platform that highlights China's new development paradigm, promotes high-standard opening up, and offers opportunities for global trade.

* Writing by Islamuddin Sajid.