Xi's speech at CIIE shows China's strong commitment to further opening up

Xi's speech at CIIE shows China's strong commitment to further opening up

China will stimulate the potential for increased imports, continue to broaden market access, foster a world-class business environment, explore new horizons of opening up, and promote global cooperation at multilateral and bilateral levels, Xi said.

President Xi Jinping promised a more liberal policy towards import of goods and services at the inauguration ceremony of the week-long China International Import Expo (CIIE) which will be attended by government officials and corporate executives from 172 countries.

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

Despite being a major exporter of pharmaceutical products, China accounts for only 0.2% of India's total pharmaceutical exports.

"Now that it is the world's second-largest economy, China can afford to open its doors all the way", Mr Jarrett told the AFP news agency.

The Subati Flower Company is among the more than 3,600 companies from over 170 countries attending the CIIE, the world's first national-level import expo.

Organisers of the expo say more than 3,000 foreign companies from 130 countries, including the United States, are present.

"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.

D'Andrea said the expo will definitely help many countries reduce their trade deficits with China, but it will not address the country's internal reform deficit.

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"All countries should strive to improve their business environment and solve their own problems", Xi said.

"The business community has frankly suffered a bit of promise fatigue of late", said Parker of the U.S. He said all the countries should oppose protectionism and unilateralism.

He said: "economic globalization is facing setbacks, multi-lateralism and the free trade system is under attack".

"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.

China sees the expo as one of this year's most important diplomatic events, along with the Boao Forum for Asia, billed as the region's answer to the World Economic Forum in Davos, and the meeting of the Shanghai Cooperation Organisation, a Chinese-led security bloc.

He added that China will further lower tariffs and make it easier for imported goods to clear customs, without elaborating.

"Both China and the US would love to see greater trade and economic cooperation", Wang told the Bloomberg New Economy Forum in Singapore. It is an addition to China's 60-plus year history organizing the China Import and Export Fair, also known as the Canton Fair, the country's largest trade fair.

Xi acknowledged some Chinese industries face "growing risks" but said efforts to shore up growth are already paying off. He said China's $12 trillion-a-year economy is "a sea, not a small pond" and can withstand shocks.

He said there was every reason to be fully confident in the future of the Chinese economy, which in recent years has slowed down.

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