China's President Xi Jinping promises to lower import tariffs and open markets further in trade war with U.S.

  • Chinese leader spoke at a trade fair in Shanghai that aims to rebrand the country
  • Xi's remarks come at a time of heightened tensions between China and the U.S. 
  • China expects to import £23 trillion worth of goods in the next 15 years, Xi added

China will lower import tariffs and continue to broaden market access, President Xi Jinping said today at the opening of a week-long trade expo that aims to rebrand the country as a global customer.

The China International Import Expo is part of official efforts to defuse trade tension while resisting pressure to roll back industry plans that Washington, Europe, Japan and other governments say violate its market-opening obligations. 

Xi also promised to accelerate opening of the education, telecommunications and cultural sectors, while protecting foreign companies' interests and enhancing punitive enforcement for infractions of intellectual property rights.

China will lower import tariffs and continue to broaden market access, President Xi Jinping said today at the opening of the China International Import Expo (CIIE) in Shanghai today

China will lower import tariffs and continue to broaden market access, President Xi Jinping said today at the opening of the China International Import Expo (CIIE) in Shanghai today

President Donald Trump seen at a rally on Sunday in Chattanooga, Tennessee. The ongoing trade war has sunk relations between the world's two largest economies

President Donald Trump seen at a rally on Sunday in Chattanooga, Tennessee. The ongoing trade war has sunk relations between the world's two largest economies

Xi's remarks come at a time of heightened tension between China and some of its biggest trade partners, particularly the United States, which has imposed tariffs on US$250 billion (£190 billion) worth of Chinese goods so far

Xi's remarks come at a time of heightened tension between China and some of its biggest trade partners, particularly the United States, which has imposed tariffs on US$250 billion (£190 billion) worth of Chinese goods so far

Xi's remarks come at a time of heightened tension between China and some of its biggest trade partners, particularly the United States, which has imposed tariffs on US$250 billion (£190 billion) worth of Chinese goods so far. China has retaliated with US$110 billion (£85 billion) worth of tariffs on U.S. goods.  

'It is our sincere commitment to open the Chinese market,' Xi said in a speech to a VIP audience that included Russian Prime Minister Dmitry Medvedev. Xi promised to 'stimulate the potential to increase imports,' including by cutting costs for importers and improving consumer spending power.

China expects to import US$30 trillion (£23 trillion) worth of goods and US$10 trillion (£7 trillion) worth of services in the next 15 years, he added. 

Microsoft founder Bill Gates talks with Alibaba Chairman Jack Ma at the trade fair today

Microsoft founder Bill Gates talks with Alibaba Chairman Jack Ma at the trade fair today

The China International Import Expo is part of official efforts to rebrand the country as a global customer and defuse trade tension while resisting pressure to roll back industry plans

The China International Import Expo is part of official efforts to rebrand the country as a global customer and defuse trade tension while resisting pressure to roll back industry plans

A robot wielding a paper fan amongst 'origami' paper cranes is displayed at the trade fair today

A robot wielding a paper fan amongst 'origami' paper cranes is displayed at the trade fair today

Some 3,600 companies from 152 countries selling everything from Egyptian dates to German factory machinery are attending the five-day event at a Shanghai convention centre that bills itself as one of the world's biggest buildings.

Xi's government is emphasising the promise of China's growing consumer market to help defuse complaints Beijing abuses the global trading system by reneging on promises to open its industries.

Business groups complain that while Beijing is expanding imports to serve its manufacturers and consumers, it blocks access to industries including finance and logistics. They say regulators are trying to squeeze foreign competitors out of promising fields such as information security.

Prime ministers and other senior officials of governments including Egypt, Pakistan and Vietnam also are attending the fair.

The United States - China's biggest trading partner - had no plans to send a high-level envoy.

The expo is 'likely not a huge benefit or attraction for US companies,' said the chairman of the American Chamber of Commerce in China, William Zarit, in an email. 

Russian Prime Minister Dmitry Medvedev speaks at the opening ceremony of the trade fair

Russian Prime Minister Dmitry Medvedev speaks at the opening ceremony of the trade fair

Visitors stand near a helicopter displayed at the China International Import Expo

Visitors stand near a helicopter displayed at the China International Import Expo

'Many may be attending because they think it is politically smart,' said Zarit. 'However, unless some of the protectionist trade barriers currently in place are changed, it won't make much difference either way.'

Xi made no mention of Beijing's fight with President Donald Trump over Chinese plans for state-led development of technology industries. But in an indirect reference to Trump's 'America first' policies and threats of import controls, he appealed to other governments to 'jointly safeguard free trade.'

China has cut tariffs and announced other measures this year to boost imports, which rose 15.9 per cent in 2017 to US$1.8 trillion (£1.3 trillion). But none addresses US complaints that prompted Trump to impose penalty tariffs of up to 25 per cent on US$250 billion (£190 billion) of Chinese imports.

Chinese leaders have rejected pressure to roll back plans such as 'Made in China 2025,' which calls for state-led creation of global champions in robotics and other fields. Some American officials worry that might erode US industrial leadership.

Last week, Trump and Xi had what China's foreign ministry called an 'extremely positive' phone conversation. They plan to meet this month during the Group of 20 gathering of major economist in Argentina, but private sector analysts say a breakthrough is unlikely.

Xi also promised to accelerate opening of the education, telecommunications and cultural sectors while protecting foreign companies' interests 

Xi also promised to accelerate opening of the education, telecommunications and cultural sectors while protecting foreign companies' interests 

Xi's government is emphasising the promise of China's growing consumer market to help defuse complaints Beijing abuses the global trading system

Xi's government is emphasising the promise of China's growing consumer market to help defuse complaints Beijing abuses the global trading system

Attendees walk past robotic arms displayed at the China International Import Expo. Chinese President Xi Jinping has promised to open China's market wider and lower import tariffs

Attendees walk past robotic arms displayed at the China International Import Expo. Chinese President Xi Jinping has promised to open China's market wider and lower import tariffs

The fight has added to challenges for communist leaders are who trying to shore up economic growth that slumped to a post-global crisis low annual rate of 6.5 per cent in the three months ending in September. They also are struggling to revive confidence in a stock market that has tumbled 25 per cent this year to become the world's worst performer.

Xi acknowledged some Chinese industries face 'growing risks' but said efforts to shore up growth are already paying off.

'The fundamentals for sound and steady growth of the Chinese economy remain unchanged,' he said.

The expo fits in with Beijing's quest to develop a trading network centred on China and increase its influence in a Western-dominated global system.

China already is the No. 1 market for its Asian neighbours and is promoting its multibillion-dollar 'Belt and Road' initiative to expand commerce by building ports, railways and other infrastructure across 65 countries from the South Pacific through Asia to Europe and Africa.

The fair lets Beijing show it is 'making efforts to boost imports,' said Rajiv Biswas, chief Asia economist for IHS Markit. But it is 'unlikely to have much impact' on its politically sensitive trade balance with the United States.

Some 3,600 companies from 152 countries selling everything from Egyptian dates to German factory machinery are attending the five-day event in Shanghai 

Some 3,600 companies from 152 countries selling everything from Egyptian dates to German factory machinery are attending the five-day event in Shanghai 

A police patrol boat displayed at the China International Import Expo in Shanghai today. The trade fair lets Beijing show it is making efforts to boost imports, analysts say

A police patrol boat displayed at the China International Import Expo in Shanghai today. The trade fair lets Beijing show it is making efforts to boost imports, analysts say

A U.S.-Chinese deal 'will require significant measures by the Chinese authorities to reduce bilateral trade imbalances and to protect US intellectual property rights,' Biswas said.

Europe, Japan and other trading partners have criticised Trump's tactics but echo US complaints. European leaders are frustrated that Beijing bars foreign acquisitions of most Chinese assets while its own companies are on a global buying spree.

Last week, the French and German ambassadors to Beijing appealed for changes including an end to requirements that foreign companies operate in joint ventures with state-owned partners. Writing in a Chinese business magazine, they called for an overhaul of rules they say hinder companies from profiting from and protecting their technology.

The Shanghai expo also gives Beijing a chance to repair its image as a positive for global development following complaints 'Belt and Road' leaves host countries with too much debt, while too little work goes to local companies.

Governments including Nepal, Sri Lanka and Thailand have scrapped or scaled back projects. Kenya and other nations have run into trouble repaying Chinese loans.

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