China's Xi promises market opening as import fair begins

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

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

"We will foster a world-class business environment", Mr Xi said in an address opening the import fair in Shanghai.

"The CIIE will provide a platform for increasing India's exports to China".

There had been speculation that Xi might announce measures aimed at soothing President Donald Trump's hostility toward China and prevent an escalation in the dispute with the USA that is expanding beyond trade in goods. Xi denounced the "law of the jungle" and "beggar-thy-neighbor" trade policies, the publication reported.

Some 3,600 companies from 152 countries selling everything from Egyptian dates to German factory machinery are attending the five-day event in Shanghai, the country's biggest business center. They say regulators are trying to squeeze foreign competitors out of promising fields such as information security.

However, the comments were short on specifics.

As China has been lambasted for stealing technology rather than developing it independently, Xi also committed to implementing measures to protect intellectual property rights. "We're doing very well", Trump said.

Prime ministers and other senior officials of governments including Egypt, Hungary, Pakistan and Vietnam also were attending the fair.

China is India's largest trading partner with a total trade of $89.71 billion in 2017-18. Some American officials that might erode USA industrial leadership.

"China will not close its door to the world and will only become more and more open", China President Xi Jinping said while throwing open the China International Import Expo in Shanghai. "However, unless some of the protectionist trade barriers now in place are changed, it won't make much difference either way".

China's President Xi Jingping has pledged to "step up" access to his country's economy as the trade war with the United States rumbles on. But in an indirect reference to Mr. Trump's "America first" policies and threats of import controls, he appealed to other governments to "jointly safeguard free trade".

Ma, China's richest man with a net worth of almost US$38 billion, is an outspoken critic of the trade dispute between China and the United States that has seen both sides slap billions of dollars worth of tariffs on each other's goods.

China and the U.S. are engaged in a trade war that's seen Washington impose tariffs on $250 billion worth of Chinese goods coming into the US. The administration is reportedly ready to impose tariffs on more imported goods from China if the meeting with Xi produces no major progress.

The president also met Chinese investors eyeing opportunities at the Lamu port. President Jinping promised to take measures to correct trade imbalance between China and Kenya. While Trump has floated the possibility of a deal when he meets Xi in the coming weeks, they remain far apart on market access and government support for state-run enterprises.

The group of leaders also visited the Chinese booth that is organized around the country's vision of innovative, coordinated, green, and open development that is for everyone, which showcased the country's achievements since the reform and opening-up and new opportunities brought to the world by the Belt and Road Initiative.

"Overall, favorable conditions are in place for the long-term, healthy and steady growth of the Chinese economy", Xi said.

Security guards stand on duty near an entrance to the China International Import Expo in Shanghai, November 5, 2018.

China's economy grew 6.5% year on year in the July-September period, the weakest expansion since the first quarter of 2009, when the global economy was in the depths of the financial crisis.

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