Speaking to political and business leaders on Monday in Shanghai, Chinese President Xi Jinping promised that he will make the enormous leap and open the country's trade borders to the rest of the world. He added that he will also lift regulations especially on previously restricted sectors of its market. Lastly, he said that he will also impose strict restrictions on Chinese companies that abuse intellectual property rights.
President Xi address business and state leaders from more than 172 countries. In a speech that lasted more than half an hour, President Xi promised that he will cut tariffs. This decision will spell a scent of progress among international companies doing business in the country, especially at the time when trade tensions between China and the United States have been at an all-time high.
President Xi said that he will open up some of China's market sectors that were previously inaccessible to foreign companies. Among these sectors are education, health care, and foreign investment. He also promised that he will improve China's import industry adding that the country will import $45 trillion worth of goods and services within the next 15 years.
President Xi made his remarks at the launch of the inaugural China International Import Expo. The expo is a week-long showcase which aims to paint China as one of the leading consumers of the world. This comes at a time when the country has a massive trade surplus with the United States, a fact which has become one of President Donald Trump's talking points when confronted about the trade war.
China is currently viewed as one of the world's top consumer market. With a population of more than 1.3 billion people, a vast majority of which still do not have access to international products, China turned into one of the most coveted markets in the world.
On the issue of intellectual property rights, President Xi said that he will devise new regulations to defend and protect intellectual properties. He added that he will also ramp up punishments to any violators of intellectual properties. It is important to note that the United States has been ramping up allegations of intellectual property theft against various Chinese companies, most of which are state-owned.
The inaugural China International Import Expo have lured more than 3,600 companies, Some of the most high-profile brands to join the expo are American brands such as Ford, General Electric, Facebook, and Google.
