Chinese president Xi Jinping vowed that China is to open its door wider with such measures as lowering tariffs and improving the business environment.China will uphold its policy of opening-up, bringing it to an even higher level, Xi said in a speech on Tuesday at the opening ceremony of the second China International Import Expo in Shanghai.
"China will place greater importance on imports," Xi told business leaders at the expo. More than 3,800 enterprises and 181 countries, regions and international organizations are attending the expo. "The huge Chinese market points to a potential that is simply unlimited," Xi said. "What I want to say to you today is that the Chinese market is so vast that you should all come and see what it has to offer."
Meanwhile, China will continue to optimize its opening-up structure. Xi added that China will continue to lower tariffs and transaction costs, develop demonstration zones to promote imports, and purchase more high-quality goods and services from around the world.
He said China will continue to encourage bold trials and experiments in pilot free trade zones and quicken the development of the Hainan Free Trade Port as pacesetters of opening-up. China will give foreign investments greater market access to more sectors, shorten the negative list further and provide more investment-friendly institutions, Xi said.
He stressed the importance of improving the business environment, saying that China will continue to foster an enabling business environment that is based on market principles, governed by law and up to international standards.
Amid the trade war with the US, though, China used to strike people with the impression that the country primarily being a manufacturer instead of an importer. John Deere, General Motors, Tesla, Ford, Honeywell International, GE and Thermo Fisher Scientific are among the companies attending this year's import expo, according to a list on the event website. China's Ministry of Commerce said 192 U.S. companies will attend, up from 174 last year.
The import push helps buttress the argument that China is seeking to reduce its trade surplus, especially with the U.S. Xi urged deeper economic integration and said China was willing to sign high-standard free trade agreements with more countries. "We need to tear down walls, not erect walls. We need to stand firm against protectionism and unilateralism. We need to continually bring down trade barriers, optimize global supply chains and jointly foster market development," Xi said. "Integration of the economy is the order of the day."
The speech came as Xi and U.S. President Donald Trump work to assemble a "Phase One" trade agreement that will leave many of their thorniest problems to future negotiations. U.S. officials including Commerce Secretary Wilbur Ross have expressed optimism about the pact, which might include increased Chinese purchases of U.S. agricultural products, keeping its currency stable and further opening its financial market.
