SHANGHAI, November 5 /TASS/. China's economy will increase by 26% to 170 trillion yuan ($23.8 trillion) by 2030, Premier Li Qiang said at the opening ceremony of the 8th China International Exhibition of Imported Goods (CIIE).

"In five years, China's economic scale will exceed 170 trillion yuan, which will make a new and significant contribution to the growth of the global economy," Li Qiang said.

He noted that China will promote a high-quality development of its economy, strive to expand domestic demand by stimulating consumption, and fully unlock the potential of its market with a population of 1.4 billion people.

China's macroeconomic policy reforms will be strengthened and become more effective, he added.

In 2024, China's GDP amounted to 134.9 trillion yuan (about $18.76 trillion). The Chinese government expects the economy to expand to 140 trillion yuan ($19.64 trillion) in 2025.

The CIIE is the largest import exhibition in China. The event takes place on November 5-10 at the National Exhibition and Conference Center. This year, over 4,000 participants will present their high-quality products here. A Russian stand of manufacturers of food, cosmetics and other goods organized by the Russian Export Center is also presented at the expo.