China’s President Xi Jinping, following increasing criticism of the country’s trade and business practices, is offering lower tariffs and better market access. The People’s Republic wants to open up the educational, telecom and cultural sectors faster for investors, Xi said today at the opening of a trade fair for the import sector in Shanghai.
In addition, China wants to increase imports significantly. The exhibition shows China’s desire to support free trade in the world, Xi said. The rules of the World Trade Organization (WTO) should be respected. Countries should act against protectionism. Infringements of intellectual property rights would have to be punished. The China International Import Expo will last until the 10th of November.
Lowest growth since financial crisis
The Chinese economy recently weakened. The gross domestic product (GDP) increased from July to September only by 6.5 per cent to the same period last year. This is the smallest plus since the peak of the global financial crisis in early 2009.
In the trade dispute with China, the US government recently sent different signals. While US President Donald Trump on Friday demonstrated confidence in reaching an early settlement, his economic adviser Larry Kudlow dampened expectations: The Washington government has not worked on a specific plan for a trade agreement with China, Kudlow told CNBC.