Xi: China to Lower Tariffs and Buy More

07 November, 2018, 13:22 | Author: Mary Valdez
  • The China International Import Expo, slated to be held annually will run for six days from Nov 5 to 10

Beijing's intention to open the Chinese economy wider to the world and protect globalisation is no idle promise.

"Participating in the First CIIE and showcasing the comprehensive offerings across various business functions demonstrates again our determination for further development in China", added Al Qubaisi.

Chinese President Xi Jinping is expected to meet US President Donald Trump in Buenos Aires next month, immediately after the G20 leaders' summit, that could lead to a possible truce in the trade dispute. Xi denounced the "law of the jungle" and "beggar-thy-neighbor" trade policies, the publication reported.

No officials from the United States - China's top trading partner - will be present as their trade dispute rages, but over 100 US firms will be exhibiting their wares.

Tony Douglas, Etihad Aviation Group chief executive officer, said: "China is a strategically important market for Etihad".

As China has been lambasted for stealing technology rather than developing it independently, Xi also committed to implementing measures to protect intellectual property rights. But he said companies need to see enforcement "before we know if this commitment is real".

Chinese Premier Li Keqiang also told a visiting delegation of U.S. lawmakers last week that he hoped their countries can meet "halfway" amid friction over trade, security and other issues.

U.S. and Chinese flags are placed for a joint news conference by U.S. Secretary of State Mike Pompeo and Chinese Foreign Minister Wang Yi at the Great Hall of the People in Beijing, China June 14, 2018.

"At the moment, the lack of internal reform, plus the external pressure made by the Trump administration and the trade dispute behind the USA and China may put on hold further investment from European countries into Chinese markets", D'Andrea said.

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China's President Xi Jinping is seen on a big screen in the media centre as he speaks at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai on November 5.

"I think both sides are optimistic ... more optimistic after the call last week that took place, that some kind of a solution can be reached", he said. "However, unless some of the protectionist trade barriers now in place are changed, it won't make much difference either way".

Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump previous year, when Beijing was still courting the then-newly elected president. But none addresses USA complaints about its technology policy that prompted Trump to impose penalty tariffs of up to 25 percent on $250 billion of Chinese imports.

Trump has been insisting that China should cut down United States dollars 375 billion trade deficit by providing more access to the American goods by ensuring IPR protection. China, however, is a market they're yet to get into. "On the other end, China's economy is not like a lake or pond, where local storms can disturb it, but like an ocean, too vast to be affected", Kuhn said.

"A storm can overturn a small pond, but not a sea", he said.

Xi also didn't reveal any further details about China's plans for further stimulus measures to support the slowing economy, which were flagged last week. "Facing the future, China will always be here".

This week's event also is part of efforts to develop a trading network centered on China and increase its influence in a Western-dominated global system. Kenya is Africa's biggest flower exporter, and the fourth largest in the world, and China has become the fastest growing market for its roses.

The US is asking China to cut its massive trade surplus, stop theft of American intellectual property and make sweeping changes to its trade and investment practices that it says treat US firms unfairly.

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