Chinese President Xi Jinping recently delivered a keynote speech during the launch of the first China International Import Expo in Shanghai. On that speech, President Xi promoted the country as the hub of free trade, as well as the idea of globalization.
The inaugural China International Import Expo is expected to attract at least 3,000 traders and companies from all over the globe. The main idea behind the expo is to promote China's effort of opening up its trade borders. Companies are also vying to take a bigger cut of the country's massive consumer market.
President Xi has said, several times, in past about his commitment to international cooperation. This is a hard shift, especially when compared to the protectionism rhetoric of the United States since it elected Donald Trump as president.
While President Xi continues to paint China as the hub of global cooperation, some market analysts and global leaders beg to differ. China still imposes strict market regulations, especially towards international brands and companies. However, while these are true, many believe that the current administration is stepping towards opening up its trade borders. Evidence of this is the launch of the inaugural import expo.
On his speech, President Xi highlighted that reforms and regulations towards international trade and global governance have improved over the past years. He added that regardless of these developments, some countries are starting to embrace the idea of unilateralism and protectionism. He concluded that these factors threaten economic globalization, multilateralism, and the global system of free trade.
In order to woo investors into doing business in the country, the Chinese leader said that he is considering increasing the country's current imports, as well as lowering down import tariffs. He also promised that China will hasten the opening up of several of its sectors including telecommunications, education, and its cultural sector.
Regarding the issue of intellectual property, President Xi pledged that the country will enhance the punishments of those who will violate such laws. It is important to note that the United States has, on several occasions, accused China of intellectual property theft. These accusations were unsubstantiated and China has long since denied it.
President Xi also acknowledged that some part of the country's economy is experiencing quite a downturn and some uncertainty. However, he said that the government is quickly working on reforms and assistance in order to address these issues and also to improve the country's overall economic efficiency.
