China Opens International Import Expo, Promises to Buy More

China Opens International Import Expo, Promises to Buy More

China Opens International Import Expo, Promises to Buy More

In a speech to a VIP audience, Xi said further opening to imports is a "sincere commitment" by Beijing.

In a veiled reference to the tariffs Trump has leveled against his country's exports, Xi told the inaugural China International Import Expo on Monday that "the practices of beggar-thy-neighbor" would lead to global stagnation.

He also pledged that China will buy more than $30 trillion of goods and more than $10 trillion of services from other countries over the next 15 years, figures that marked an increase on his promise a year ago that China was expected to purchase $24 trillion worth of goods from other countries over the same period.

Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries.

Billionaire Alibaba (BABA.N) co-founder Jack Ma called fighting over trade senseless and decried once again a widening conflict between the US and China.

Some 3,600 companies from 152 countries selling everything from Egyptian dates to German factory machinery are attending the five-day event at a Shanghai convention center that bills itself as one of the world's biggest buildings.

Kenyatta, who is among chief guests at the China International Import Expo, said the trade fair provides a platform for more winning partnership between Kenya and China.

"I don't think that there were necessarily path-breaking new reforms announced by him today, but I guess I would take this as a confirmation that China is very keen to be seen as continuing to open up further and committing to that stance", he said. Of that total, China imported about $500 billion of goods from the United States.

About 3,600 companies from more than 170 nations, regions and worldwide groups are taking part in the country's first national-level expo for imports, the Chinese government said.

"We've tariffed $250 billion, taxed them, of their product coming into the United States and we have plenty more to go, but they want to make a deal and if we can make the right deal, a deal that's fair, we'll do that".

As this year marks the 40th anniversary of the country's reform and opening-up policy, the Asian power, by holding the expo for imports, will try to brush aside criticism that Chinese markets are closed given that they are mainly controlled by the government. Accordingly, Xi filled his remarks at the opening ceremony with a defense of globalization - and an implicit rebuke of the Trump administration's "America First"-style protectionism".

The event is being attended by several foreign heads of government including Russian Prime Minister Dmitry Medvedev and Pakistani premier Imran Khan.

"Now that it is the world's second-largest economy, China can afford to open its doors all the way", Jarrett said.

Some Western diplomats and businesses have been quietly critical of the expo, arguing it is window dressing to what they see as Beijing's long-standing trade abuses.

"As globalization deepens, the practices of law of jungle and victor take all are a dead end", Xi told the gathering in Shanghai, which featured more than 3,600 companies from 172 countries, regions and organizations. Tiny São Tomé is selling package holidays.

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