Published: Tue, November 06, 2018
Worldwide | By Myra Stephens

Xi Jinping pledges to cut Chinese import tariffs

Xi Jinping pledges to cut Chinese import tariffs

Chinese President Xi Jinping hit back against protectionist trade practices advocated by US President Donald Trump in a speech in which he also pledged to further cut import tariffs and open his country's markets.

"By transforming itself through trade, through hard work, also learning from others, China has helped transform not only itself but also the global economy", Lagarde said.

The upcoming China International Import Expo (CIIE) will present Africa with an opportunity to be integrated into the global trade chain, said a Standard Bank expert.

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

The comments are seen as a reference to the USA, with which China is fighting a trade war. Xi denounced the "law of the jungle" and "beggar-thy-neighbor" trade policies, the publication reported. They say regulators are trying to squeeze foreign competitors out of promising fields such as information security.

Hufbauer said a Democrat-controlled House will try to restrain and force Trump to consult with Congress, which doesn't mean any relaxation.

Presidents and prime ministers from almost 20 countries are attending the trade fair, although no leaders from Western countries are attending.

Kenyatta noted how China is his nation's biggest trading partner. The U.S. has recently ramped up its criticism of theft of American companies' intellectual property rights by Chinese companies and state entities and the U.S. Justice Department last week indicted state-owned chipmaker Fujian Jinhua Integrated Circuit Co.

Chinese President Xi Jinping speaks at the opening ceremony for the first China International Import Expo in Shanghai on Monday. "However, unless some of the protectionist trade barriers now in place are changed, it won't make much difference either way".

China has retaliated in kind.

But none addresses US complaints that prompted Mr. Trump to impose penalty tariffs of up to 25 percent on $250 billion of Chinese imports.

Both are seen as eyeing new ways into China's giant market. But he said little that would indicate a breakthrough is coming.

The partnership will also include other Kenyan universities as well as explore opportunities in agricultural value addition.

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

International Monetary Fund chief Christine Lagarde also said there remained "room for even greater reform" in China's market.

"A storm can overturn a small pond, but not a sea", he said.

The shopping extravaganza, nicknamed Singles' Day, has in recent years placed emphasis on cross-border e-commerce, where customers in China are able to enjoy hefty discounts on foreign-branded products. "Facing the future, China will always be here".

China imported $1.84 trillion of goods in 2017, up 16 per cent, or $255 billion, from a year earlier. But it is "unlikely to have much impact" on its politically sensitive trade balance with the United States. Increasing concerns that growth will slow further and worries over deepening trade friction with the US have sent the domestic stock market plunging this year.

The US and European Union business lobbies in China, and the French and German ambassadors to Beijing, last week called on China to use the expo to announce concrete change, saying it too often fails to deliver on promises.

China sees the expo as one of this year's most important diplomatic events, along with the Boao Forum for Asia, billed as the region's answer to the World Economic Forum in Davos, and the meeting of the Shanghai Cooperation Organisation, a Chinese-led security bloc.

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