China to 'step up' market reforms amid United States trade war

China to 'step up' market reforms amid United States trade war

China to 'step up' market reforms amid United States trade war

The Nov. 5-10 China International Import Expo, or CIIE, brings thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world's second-biggest economy.

Speaking at an worldwide business fair in Shanghai, Xi Jinping criticised what he termed Washinton's "law of the jungle" and "winner takes all" approach to trade which, he said, leads to 'a dead end'.

Xi gave a 30-minute speech in front of government officials and business leaders from overseas on the eve of U.S. midterm elections on Tuesday, the result of which will determine the outlook for trade negotiations with the US.

Trump imposed new tariffs on roughly half of Chinese imports this summer while Beijing fired back with tariffs on most United States products.

At an Alibaba cloud computing event in September, Ma predicted that the future of the manufacturing industry will be in New Manufacturing, where data and the internet will help manufacturers better cater to their consumers by producing customised pieces and creating "2,000 pieces of clothing that are different in five minutes", as opposed to mass-producing an item.

Trump is expected to meet Xi this month, but has said that if a deal is not made with China, he could impose tariffs on another 267 billion dollars in Chinese imports into the United States.

The Kenyan delegation to the meeting included University of Nairobi VC Prof Peter Mbithi while officials of Cherami were led by its Director Chen Ruibing and CEO Wei Xiaolin.

President Xi said that his country will remain advocate of openness and will continue to act as a stable engine of global growth.

The firm also acknowledged that with faster drug approvals and implementation of new policies, such as China's entry into the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use, the country "has ushered in a new pattern of innovative research and development".

In a keynote speech, Xi vowed to increase imports, lower tariffs, reduce non-tariff barriers to trade and protect foreign intellectual property. "We can't let the CEOs of European companies in China to set up their businesses on a foundation of hope that reform will come".

International Monetary Fund chief Christine Lagarde also said there remained "room for even greater reform" in China's market.

Compared with other major economies, China still ranks among the world's top in terms of GDP growth, he said.

The trade war saw USA crude oil shipments to China stop completely in October, and China slapped a 10% tariff on LNG in September.

"They should not just point fingers at others to gloss over their own problems", Xi said, decrying "protectionism", "isolationism" and confrontation.

"They should not hold a flashlight in hand, doing nothing but highlighting the weaknesses of others and not their own", he added. "Storms can overturn a pond, but never a sea". Having experienced numerous winds and storms, the ocean will still be there!

In a speech at Davos almost two years ago, he presented China as a beacon of globalisation, in a counterpoint to Trump. "Looking ahead, China will always be here to stay!"

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