(Apr 10): Chinese President Xi Jinping vowed to open sectors from banking to auto manufacturing, in a speech that also warned against returning to a “Cold War mentality” amid his trade disputes with US counterpart Donald Trump.

Xi said China would increase imports, lower foreign-ownership limits on manufacturing and expand protection to intellectual property. Xi cited the measures while saying China was entering a “new phase of opening up” in his keynote address Tuesday to the Boao Forum for Asia, his country’s answer to Davos.

“Human society is facing a major choice to open or close, to go forward or backward,” Xi told hundreds of investors gathered on the resort island of Hainan. “In today’s world, the trend of peace and cooperation is moving forward and a Cold War mentality and zero-sum game thinking are outdated.”

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