European Union business lobby dismisses China's latest opening pledge

European Union business lobby dismisses China's latest opening pledge

European Union business lobby dismisses China's latest opening pledge

Chinese President Xi Jinping promised on Monday to lower tariffs, broaden market access and import more from overseas at the opening of International Import Expo in Beijing.

He opened the first annual China International Import Expo in Shanghai, attended by many world leaders and major firms, with a speech acknowledging anger overseas over trade policies in the world's second-largest economy.

China will maintain a sober-minded attitude toward Sino-U.S. economic and trade issues, Wang said.

"It is our honest commitment to open the Chinese market", Xi said.

"Participating in the First CIIE and showcasing the comprehensive offerings across various business functions demonstrates again our determination for further development in China", added Al Qubaisi. Beijing would boost imports by lowering tariffs further and increasing the incomes and spending power of China's 1.3 billion people.

Thousands of foreign companies are taking part in the expo.

"India has built a pavilion at the expo highlighting its focus areas of agricultural products, pharmaceuticals, information technology and tourism", Prashant Lokhande, Counsellor Economic and Commerce of the Indian Embassy here said.

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.

Washington and Beijing are now locked in a standoff over trade, market access and the transfer of technology secrets.

"We hope that through this expo, our partners can understand more about our businesses, our potentials and our products for more transparent, fair and credible trade between us and our partners", Phuc said.

"I would like to encourage more firms to establish joint ventures with Kenyan entrepreneurs and to increase the content of locally produced goods and services in their projects and industries", he said in Shanghai where he gave a keynote address at the inaugural China International Import Expo. "Trade is to communicate.nobody can stop free trade".

All countries should be committed to opening-up and oppose protectionism and unilateralism in a clear-cut stand.

"It's going to be a huge pain to a lot of businesses, but it's also going to be a good opportunity for a lot of consumers", he said, adding that China can face any challenges.

"With Chairman Xi's support, the high-tech innovation stock index may likely become more open and more active in future, which will perhaps spell good news for companies like ours and provide a stepping stone for us before we list on the main bourse", Tang said.

No senior USA officials were set to attend the Shanghai event.

Chinese Premier Li Keqiang also told a visiting delegation of USA lawmakers last week that he hoped their countries can meet "halfway" amid friction over trade, security and other issues.

"All in all, the favourable conditions are in place for the long-term, healthy and steady growth of the Chinese economy", Xi said. "On the other end, China's economy is not like a lake or pond, where local storms can disturb it, but like an ocean, too vast to be affected", Kuhn said.

"To use a metaphor, the Chinese economy is not a pond, but an ocean".

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