Xi to trumpet China's 'open' markets at trade forum

The China International Import Expo, slated to be held annually will run for six days from Nov 5 to 10

President Xi Jinping echoed previous pledges to open up China's market and lower tariffs as he opened a weeklong trade expo in Shanghai on Monday.

China has retaliated in kind.

China will launch its first-ever International Import Expo in Shanghai on Monday amid the backdrop of the Sino-US trade spat, Xinhua news agency reported.

"I don't think that there were necessarily path-breaking new reforms announced by him today, but I guess I would take this as a confirmation that China is very keen to be seen as continuing to open up further and committing to that stance", he said.

US President Donald Trump has railed against China for what he sees as intellectual property theft, entry barriers to US business and a gaping US trade deficit.

The European Union, which shares United States complaints of Chinese trade policy although it is against the Trump administration's hardball tactics of applying tariffs, has called for Beijing to open its market.

Organisers say more than 3,000 foreign companies from 130 countries including the United States, Europe and across Asia, will put their products on display for potential Chinese buyers at the expo.

In a speech at Davos almost two years ago, he presented China as a beacon of globalisation, in a counterpoint to Trump.

But trading partners and foreign enterprises say he is yet to put his money where his mouth is, and they are exhausted of empty promises.

The run-up has triggered fresh calls for China to take actionable steps to improve a domestic playing field that critics say is skewed in favour of Chinese businesses.

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In a speech at Davos almost two years ago, Xi presented China as a beacon of globalisation in a counterpoint to Trump.

As part of broader efforts to encourage innovation, a key plank of government policy, Xi announced that the Shanghai stock exchange will set up a board for high-tech companies which will trial a new registration-based Initial Public Offering system that has always been discussed by regulators.

Ma made the comments at the China International Import Expo (CIIE) held in the Chinese commercial hub of Shanghai.

"It is our honest commitment to open the Chinese market", he said adding that China would "foster a world-class business environment".

President Uhuru Kenyatta has invited Chinese firms to form joint ventures with local companies to create more manufacturing bases. "It is important therefore to correct the trade imbalance and enable a fairer share of trade".

Championing UK business, Dr Fox will tour the UK Pavilion in China as it showcases world-leading companies including Jaguar Land Rover and British Airways, as well as promoting a range of sectors popular in the Chinese market such as healthcare, education and the creative industries.

China has a massive trade deficit with nearly every country in the world, with the value of its exports far exceeding the value of its imports.

He will hope to build on the recent success highlighted in the United Nations Conference on Trade and Development (UNCTAD) report, which indicated the UK achieved the second highest level of Foreign Direct Investment (FDI) in the world during the first six months of 2018.

Trump has railed against China for what he sees as intellectual property theft, entry barriers to USA business and a gaping trade deficit.

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