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Chinese President Xi says need to bring down trade barriers

Published 11/04/2019, 10:49 PM
Chinese President Xi says need to bring down trade barriers

By John Ruwitch and Winni Zhou

SHANGHAI (Reuters) - Global trade barriers must be removed, and countries should uphold basic multilateral trade principles while standing firm against protectionism, Chinese President Xi Jinping said on Tuesday.

Speaking at the opening of the Nov. 5-10 China International Import Expo, or CIIE, an annual import show in Shanghai, Xi said more must be done to boost international cooperation and remove barriers to innovation.

He reiterated broad pledges to continue to open China's economy and markets, and strengthen protection of intellectual property rights.

The remarks come as U.S. and Chinese negotiators work to finalise a text of a "phase one" agreement for U.S. President Donald Trump and Xi to sign this month to ease the nearly 16-month trade war that has dented the global economy.

"There is no single country that can resolve by itself the difficulties facing the development of the world's economy," Xi said in a speech.

"We need to join hands with each other instead of letting go of each other's hands. We need to tear down walls, not to erect walls. We need to stand firm against protectionism and unilateralism. We need to continually bring down trade barriers, optimise global value and supply chains and jointly foster market demand," he said.

China launched the import expo last year as the China-U.S. trade war was heating up.

Critics say the week-long Chinese buying spree once a year does little to address structural concerns, including weak intellectual property protection, entry barriers and the lack of a level playing field for foreign businesses in China.

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French President Emmanuel Macron, attending the expo, called on China to "consolidate" the opening up of its market.

"Much has been done in recent years with two revisions of the negative lists for foreign investment ... important tariff reductions have been granted. We call for their consolidation and deepening," Macron said in remarks that followed Xi's.

"We need a greater openness of China and its domestic market," he said, citing the agri-food sector.

"All French, German and European companies expect a lot of China's promises here."

'WE WILL DELIVER'

Foreign governments and business groups have become sceptical of Chinese reform promises and have longed warned that China would invite retaliation if it didn't match the openness of its trading partners.

On Tuesday, Xi listed a handful of measures that he said China had taken since last year's CIIE to open its markets, and took direct aim at criticism.

"This shows that we do honour our commitments," he said. "And we will deliver on what we have promised."

China would continue to push its strategy of innovation-driven growth, and foster new engines of growth, Xi said.

"China will throw open its arms, and provide more market opportunities, investment opportunities and growth opportunities for countries in the world, so we can share the growth together."

Last year, more than 3,600 companies attended CIIE, agreeing to some $57.8 billion in deals.

The expo comes at a rocky time for the Chinese economy with domestic demand stubbornly weak, despite more than a year of growth boosting measures.

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"China will better leverage the fundamental role of consumption, actively construct a more proactive domestic market to help provide support for Chinese economic development and expand the global economic growth," Xi said.

Imports dropped 8.5% in September after a decline of 5.6% in August.

China's third-quarter economic growth slowed more than expected to its weakest pace in almost three decades, with gross domestic product (GDP) rising just 6.0% year-on-year.

Latest comments

This POTUS is doing way better than any of his incompitant and phoney predecessors that sold off the country and got us in this mess to begin with. The CIIE is nothing but a phoney show. Lipstick on a ****(with ASF).
and what happens in 2016 markets crashes
To see face of Xi jinping in US, stop to impose tariffs? Is watching face of Xi jinping have meaning for US people? I think that is useful to someone's election.
Dare Trumpie impose more tariffs? such a joke that the US is losing their war. The main purpose of starting the trade war is gone, just bringing more purchasing of US products, where is the stopping stealing IP right from the US. What a shame on Trumpie, such a guy with no guts.
weakness of Democracy, election and voting. Communists use time delaying strategies......
We have ten ways to Sunday proof of treasonous behavior by TRUMP and his administration.  Extorting Ukraine by holding the military assistance for them to influence the NEXT election is in the impeachment clause as a reason for his dismissal. the hypocrisy and immoral soulless GOP to go after a phantom 12 Benghazi investigations,and impeach Clinton for having extra marital affair is laughable against the king of groping and hush money to ********stars. But i guess you can rationalize this as you have for 3 straight years.  Imagine enticing violence against your enemies and they always happen to be law abiding patriots. What does that say about this nation? Darkest period in our short history as a republic nd believe me we had in the past some horrific moments.
you spin things like a true democrat. President Trump asked Ukrain to invrstigate the crimes committed by a VP abusing his position...the dems and their fascist antifa have been the ones to bring violence yet again you blame others... and really sad that you need to bring a tragedy that cost several lives as trying to make a point...shows how misguided you trully are
The only sure things today are taxes, death and Trumps ability to ******a light bulb in wrong.  there will never be a deal regardless of this so called Phase One initiative. The demands from the start were never going anywhere. Trump and his crazy team seem to think they can dictate long term national policy for china.  Xi will stretch this sucker out as long as possible, get concessions but eventually will abandon the talks. The erratic irrational lunatic in office can't be trusted or perhaps they missed the Kurd thing.  China will never be able to hold an alliance with trumps team.  He must wait it out till a new regime is in place. HAIL TRUMP!
I told you guys ... President Xi Jing Ping has become the new Quarterback of this new decade. He will be the one calling all the shots and deliverying precise economic powerhouse. He has made China the Lion of this decade.
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