Xi pledges to open China´s markets wider to an impatient world

Minister for Trade and Industry Chan Chun Sing will attend the opening ceremony of the trade fair and tour the Singapore commercial pavilions

"The China International Import Expo (CIIE) is a major initiative proposed by the Chinese government to firmly support trade liberalization and economic globalization and actively open the Chinese market to the world", Yin added. Still, those nations were represented by firms among the 3,600 participating from 172 countries and regions.

Trump has launched a trade war with China in June slapping additional tariffs on Dollars 250 billion worth of Chinese imports. The EU is asking for concrete measures and a timeline for abolishing all joint-venture requirements, ensuring cyberspace legislation does not create discriminatory market access barriers, and creating better protection of IP rights, among other things.

As trade frictions with the United States continue, Xi pledged to boost imports and said China would import as much as $30 trillion in goods and $10 trillion in services during the next 15 years.

Uhuru said that a more balanced trade between China and Africa would help fight the propaganda that the Asian giant was taking advantage of poor countries.

The goal of trade should be to promote peace and communication rather than conflict, he said at the China International Import Expo in Shanghai.

Scheduled to run until Saturday, the CIIE is the world's first import-themed national-level expo. Prime ministers and other officials from Russian, Vietnam, Egypt and 15 other countries are on the guest list, while the USA has no plans to send a high-level envoy.

The country has cut tariffs for an array of products including vehicles, consumer products and industrial goods this year, lowering the overall tariff rate on imported goods from 9.8 percent last year to 7.5 percent.

Based on final 2017 data from China's General Administration of Customs cited by the CeSIF report, Chinese exports to the European Union totalled 372.04 billion US dollars, marking a 9.7-percent increase over the previous year, while European Union exports to China increased 17.7 percent, reaching 244.87 billion USA dollars.




Xi´s latest commitment to abide by world trade practices was light on specifics, however, and it remained to be seen whether it will satisfy an increasingly impatient foreign business community.

The row has seen the United States and China place additional tariffs on goods worth over $400bn in total to date while the USA president has threatened to target all $500bn of Chinese imports.

In an interview with Xinhua on Thursday, the head of trade at Standard Bank Vinod Madhavan said the shift to consumption-led growth in China comes at an opportune time for Africa.

"To use a metaphor, the Chinese economy is not a pond, but an ocean".

He said openness has become trademark of China.

Instead, people involved in planning meetings have said they expect state-owned companies to arrive with orders to do deals, possibly even with quotas, so that the expo will end with China something to show the world.

China's capacity of macroeconomic regulation is growing, and efforts to deepen reform across the board have unleashed new drivers of growth, he added.

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