Xi pledges to open China’s markets wider to an impatient world

Xi pledges to open China’s markets wider to an impatient world

Xi pledges to open China’s markets wider to an impatient world

Chinese President Xi Jinping and foreign leaders who are attending the first China International Import Expo (CIIE) tour around the Country Pavilion for Trade and Investment, which showcases development achievements and feature products from more than 80 countries, in Shanghai, east China, Nov. 5, 2018.

The president made no mention of the standoff with U.S. President Donald Trump over Chinese plans for state-led development of technology industries.

Xi's latest commitment to abide by world trade practices was light on specifics, however, and it remained to be seen whether it will satisfy an increasingly impatient foreign business community.

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

China's imported goods and services are estimated to exceed Dollars 30 trillion and Dollars 10 trillion respectively in the next 15 years, Xi said in his inaugural address, state-run Xinhua news agency reported.

China's $12 trillion-a-year economy is "a sea, not a small pond" and can withstand shocks, he said.

"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. Big winds and storms may upset a pond, but never an ocean.

Trump on Monday said the trade conflict with China could still go either way. "Facing the future, China will always be here". So far, the White House has imposed tariffs on $200 billion of Chinese goods and Beijing retaliated with tariffs on $60 billion of USA goods and stopped buying American oil.

Accusing Beijing of "stealing intellectual property" the Trump administration has been imposing tariffs on China, claiming that the USA was "being treated unfairly in trade".

"For my understanding, it's the greatest challenge for China".

If Chinese President Xi Jinping is getting ready to make big concessions to the US, his much anticipated speech at a Shanghai trade fair didn't show it.

Already the No. 1 market for its Asian neighbors, China is promoting its "Belt and Road" initiative to expand commerce by building ports, railways and other infrastructure across 65 countries from the South Pacific through Asia to Europe and Africa.

Bridging suppliers from all across the world with more than 160,000 buyers from over 80,000 domestic as well as foreign companies, the expo will substantially reduce the information and institutional costs for trade and deliver tangible deals and benefits for foreign firms.

Christine Lagarde, managing director of the International Monetary Fund who attended the Shanghai event, called on all parties to de-escalate tensions and "fix the global trade system, not destroy it".

The Star Kenya reports that during the bilateral talks, Uhuru expressed concern about the trade imbalance and demanded access to the Chinese market for Kenya's produce.

It has sold five boats to China's customs agency and is marketing itself to environmental and other regulators, said Sherman Ge, chairman of Shanghai-based Breeze Tech.

"The Chinese side is ready to have discussions with the USA on issues of mutual concern and work for a solution on trade acceptable to both sides", Wang told the forum, making it clear, however, that China will hold its ground and will not agree to a disadvantageous deal.

Related news