President Xi: International Import Expo Sign of Globalisation
President Xi: International Import Expo Sign of Globalisation
China's Expo attracts 1000 firms from Belt and Road countries
08 November, 2018, 12:58
Chinese tycoon and Alibaba co-founder Jack Ma said that he really hated the ongoing trade war between Washington and Beijing and called it the "most stupid thing in this world".
Earlier in the morning, the president, Xi Jinping, had inaugurated the protest in the economic capital of China with the promise repeated to further open the chinese market to imports.
Christina Schosser, head of ADVANTAGE AUSTRIA Shanghai said the Chinese economy is developing rapidly with the country expecting to import goods and services worth more than ten trillion US dollars within the next five years, which gives Austrian companies a great opportunity to enter the Chinese market or to expand their activities. "Becoming a major buyer of foreign products is the greatest challenge for China", he announced.
The fundamentals for sound and stable economic growth remain unchanged, the necessary production factors for high-quality development remain unchanged, and the overall momentum of long-term economic stability and progress also remains unchanged, Xi said.
Based on past experiences, asking foreign businesses to operate in free-trade zones that are "ring-fenced" from the rest of the country, separating producers from their target consumer audience, is not a good example of China opening up its markets, its statement continued.
Ma made the comments at the China International Import Expo (CIIE) held in the Chinese commercial hub of Shanghai. If Beijing fails to uplift the duties on USA imports, Trump said he would slap tariffs on the remainder of China's $500 billion-plus exports.
Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump a year ago, when Beijing was still courting the then-newly elected president. President Trump blames the trade deficit for a host of U.S. economic ills including rising unemployment, which was one of the key issues he raised as an election issue. His view, Ma added, was not to worry about technology. "The people who worry about technology are first, older people, second, government and third, successful people; they hate it and worry about it".
"Trade is to form peace". The trade, it is (...) to communicate.
"They should not just point fingers at others to gloss over their own problems", Xi said, decrying "protectionism", "isolationism" and confrontation.
"It is important for us therefore to correct the existing trade imbalance to enable a fair share of the benefits of trade", he said.
The EU Chamber of Commerce last week urged Xi to "move past the rhetoric" on trade and put in place real and significant opening measures.
The import expo, which is touted to be an annual affair, is widely believed to be a sign of the country's willingness to allow more imports and reduce surpluses with its trade partners.
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