Uhuru pushes for more trade with China during Shanghai trip

Eileen GuzmanNov 06, 2018

President Xi Jinping renewed a pledge to increase China's imports, lower trade barriers, and strengthen protection of intellectual property rights (IPR) while also lashing out at countries who point their fingers at Beijing's policies without doing anything to improve their own business environment.

"China will not close its door to the world and will only become more and more open", China President Xi Jinping said while throwing open the China International Import Expo in Shanghai.

In a speech to a VIP audience, Xi said further opening to imports is a "sincere commitment" by Beijing.

Xi said the import expo showed China's desire to support global free trade, adding - without mentioning the United States - that countries of the world must pursue open policies and oppose protectionism.

China is using the Expo to showcase its willingness to open up its huge market to other countries.

International Trade Secretary Dr Liam Fox will attend China's biggest international import show alongside a 50-strong United Kingdom business delegation.

Twelve countries were named "guests of honour" at the trade fair, including the UK, Russia, Canada, Germany, Mexico, Brazil, Egypt, Hungary, Indonesia, Pakistan, South Africa, and Vietnam.

The Chinese government's top diplomat, State Councilor Wang Yi, said in March that China would import $8 trillion of goods in the next five years. Although the event is meant to gather foreign companies to woo the Chinese consumer, global brands from Adidas to Walmart, Procter & Gamble to Uniqlo, are sending only country heads - or no senior executives at all.

Ministries, local governments and central enterprises across the country have formed about 40 trading groups, together with hundreds of thousands of buyers.

Xi said China would "step up" efforts to stimulate imports, lower tariffs, ease customs clearance procedures, and implement harsh punishments for intellectual property infringements.

In speeches made over the last two months, Ma has said that the USA will "suffer more" from the dispute, stating that the U.S. economy had benefited from its trade relationship with China.

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

Most reactions urge against taking more Chinese loans. "Facing the future, China will always be here". But it is "unlikely to have much impact" on its politically sensitive trade balance with the United States.

Chinese authorities have claimed that over 3,000 companies from over 130 countries are participating in the expo.

Trump has railed against China over intellectual property theft, entry barriers to USA business and a gaping trade deficit, which US data showed reached a record $40.2 billion in September.

Yet the U.S. government mostly stayed away, even though China said Trump voiced support for the expo in a call with Xi last week.

The Shanghai expo also gives Beijing a chance to fix its image as a positive for global development following complaints "Belt and Road" leaves host countries with too much debt, while too little work goes to local companies. Kenya and other nations have run into trouble repaying Chinese loans.

Related Articles:



« Previous article
Next article »


Popular Pages

Clayton Kershaw agrees to new deal with Dodgers
BRAVES: The Braves did not extend a qualifying offer to any of their free agents, including cleanup hitter Nick Markakis. The Cubs traded left-hander Drew Smyly to the Rangers , clearing his $7 million salary from the payroll.

Activision Blizzard Stock Tumbles Following Diablo Immortal Backlash
Fortunately, game development isn't like dating, because if it were Blizzard might consider calling the whole thing off. The fan backlash against the game was strong enough that Activision Blizzard's stock price was impacted.

Barcelona make Lionel Messi decision about potential Inter Milan return
The Argentine superstar made a surprise return to training last Wednesday, despite initially being ruled out for three weeks when he suffered the injury against Sevilla on Oct.20.

Samsung hints foldable display, new Galaxy UX, Android 9 Pie Beta Program
Are you looking for foldable smartphones? More confirmation arrives from the official Samsung Developers Conference 2018 app. Talking about the camera, there is a possibility that Samsung might add just one camera module on the Galaxy foldable phone.

What's at stake on November 6 in U.S. midterm elections
Trump , senior adviser to the president's 2020 campaign, said on Saturday that Democrats are scared because of Trump's results. Sound familiar? Tomorrow Americans across the USA vote in Donald Trump'sfirst big electoral test since he became president.

Jamie Carragher Delivers Some Home Truths For Liverpool Fans On MNF
I don't think there is any reason to try to do something really big like bring in another striker. They play the ball through and could score the goal.

USA sanctions on Iran oil officially begins
Its national currency has plummeted over the previous year amid an economic crisis. They will directly affect companies from third countries doing business with Iran.

OnePlus 6T in Thunder Purple launches in China
OnePlus 6T " Thunder Purple " is offered with 8GBRAMand 128GB storage , and is priced at CNY3,599 (Rs 38,000 approximately). Here in the United States , we have two variants of OnePlus 6T , Mirror and Midnight, but both are a Black color.

Amazon offers US customers free holiday shipping to compete with Target
Amazon is following Target and temporarily dropping the minimum amount shoppers need to spend to qualify for free shipping. More than 3 million items will eligible for same-day delivery during the holiday season, if you're a prime member.

Pochettino: Spurs will realise their dream
Erik Lamela , Lucas Moura and Harry Kane fired the visitors into a 3-0 lead at Molineux only for Wolves to nearly snatch a point. One thing Nuno was pleased about was seeing Wolves get back to scoring ways after the blanks against Brighton and Watford.