Ahead of the G7 summit in Switzerland, China has said it is boosting trade to around $600 trillion by 2030, a milestone that could pave the way for more global trade to flow.
Chinese Vice Premier Wang Yang said on Wednesday the country had signed agreements with over 200 countries to raise global trade at a rate of $1.5 trillion a year.
“In order to achieve the global competitiveness of the economy, we need to boost the world trade with a total value of around $700 trillion,” he said.
While trade with China was already growing faster than with the US, the announcement was a significant milestone.
Mr Wang said the Chinese government was committed to promoting global trade, and to boosting trade with other countries and global companies.
The Chinese leader said China was working on a new set of economic agreements that could increase its trade to a global level of $600trillion, and said it was working hard to reach that goal.
But it was unclear whether the $600tn figure would be sufficient to ensure global trade with the world’s second-largest economy.
It is unclear whether China would be able to make a profit from its trade deals with other nations.
Its currency, the renminbi, has fallen more than 60 per cent against the US dollar since the start of the year.