Xi Jinping makes fresh promises to open China’s economy and boost imports

06/11/2018

5 November, 2018

Chinese President Xi Jinping made fresh promises on Monday to open China’s economy to the outside world, including lowering import tariffs and broadening market access, and voiced support for economic globalisation as the country is locked in a trade war with the US.

In his keynote address to the inaugural China International Import Expo, an event created by Beijing to signal its intentions to increase its business with the rest of the world, Xi said China’s promise to buy more products and services from abroad is “not a temporary arrangement but a long-term consideration” and that the fair would become an annual event.

China’s total purchase of foreign goods would amount to US$30 trillion over the next 15 years, while its purchase of services would reach US$10 trillion in the same period, Xi said.

In addition, China would open up its lucrative domestic health care and education sectors, financial services, telecoms and mining, to foreign investors, Xi said. Its free-trade port on tropical island Hainan would speed up the process, while Shanghai would have greater autonomy for “free trade” trials, he said.