Xi vows to further open China economy as United States trade spat simmers

Xi vows to further open China economy as United States trade spat simmers

Xi vows to further open China economy as United States trade spat simmers

While the speech offered little new policy and made no mention of Trump, Xi affirmed or expanded on proposals to increase imports, lower foreign-ownership limits on manufacturing and expand protection to intellectual property-all issues central to the United States president's trade complaints.

The speech was short on specifics.

Xi was merely outlining China's strategy to open up further, which had nothing to do with its trade friction with the United States, Gao said. Trump predicted, hailing the speech in which Xi renewed a commitment to lower auto import tariffs. He made some indirect swipes at the USA when he said that we should put aside "Cold War mentality" and not view trade as a "zero-sum game".

White House Press Secretary Sarah Huckabee Sanders said Xi's speech is "a very good sign of moving in the right direction", but "we want to see concrete steps and concrete action" from China.

A commentary in the official People's Daily after the speech said Beijing would never open at the expense of its interests - a signal that it would continue supporting "Made in China 2025".

The United States on April 3 announced tariffs on a proposed list of Chinese goods worth 50 billion USA dollars.

Geng Shuang, a Foreign Ministry spokesman, said on Monday, "This trade conflict was initiated by the US alone and it is entirely the one to blame". "The U.S.is wielding the big stick of trade sanctions while keeping saying they are willing to talk". For trade talks to take place under the current environment is "even more impossible".

As recently as Monday, Donald Trump criticized China on Twitter for maintaining 25 percent import tariffs on autos compared to the United States' 2.5 percent duties, calling such a relationship with China not free trade but "stupid trade".

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"We believe export growth will slow due to yuan appreciation and rising trade tensions.China's imports could be more resilient than exports in our view as China has pledged to increase imports", Wang said.

However, China was not willing to accede to a key US demand-that it stop subsidizing the 10 high-tech industries targeted in the "Made in China 2025" program.

China's exports rode a global trade boom a year ago, expanding at the fastest pace since 2013 and serving as one of the key drivers behind the economy's forecast-beating 6.9 percent expansion.

Trump has to decide whether in the next 60 days to accept something like the deal offered by Liu He or to proceed with the tariffs on $50 billion of imports.

Touted as Xi's pet project, the BRI has become a major stumbling block in India-China relations as the controversial $50 billion China Pakistan Economic Corridor (CPEC) has been listed as its "flagship project".

Global stock markets recovered their poise Thursday and the price of oil came off three-year highs as investors digested U.S. President Donald Trump's defiant comments on the Middle East conflict.

Asian markets rose earlier in the day as fears about a potentially catastrophic China-US trade war were tempered by hopes the two sides would be able to hammer out an agreement.

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