(Nov 5): President Xi Jinping said China would focus more on imports and further lower tariffs in his first opportunity to address global investors since the world’s two largest economies resumed trade talks in September.
“China will give greater importance to imports. We will continue to lower tariffs and institutional transaction costs,” he said in a keynote speech at the start of a trade expo Tuesday morning in Shanghai. He said China was willing to sign high-standard free trade agreements with more countries.
Xi said countries shouldn’t put their own interests above others. “We must all put the common good of humanity first rather than place one’s own interests above the common interests of all,” he said. “Integration of the economy is the order of the day.” He added that China would continue to improve its business environment.
The speech came as Xi and U.S. President Donald Trump work to assemble a “Phase One” trade agreement that will leave many of their thorniest problems to future negotiations. U.S. officials including Commerce Secretary Wilbur Ross have expressed optimism about the pact, which might include increased Chinese purchases of U.S. agricultural products, keeping its currency stable and further opening its financial market.
The China International Import Expo -- now in its second year -- is designed to showcase the country’s desire to shift its economy toward consumption by buying more foreign goods. While some 63 countries are participating in the event, including French President Emmanuel Macron, the U.S. and most other Western nations are either sending lower-level delegations or none at all.
