Publicado: Mar, Noviembre 06, 2018
Financiera | Por Marilu Caballero

China to 'step up' market reforms amid USA trade war

China to 'step up' market reforms amid USA trade war

Accordingly, Xi filled his remarks at the opening ceremony with a defense of globalization - and an implicit rebuke of the Trump administration's "America First"-style protectionism". But that did not happen.

William Zarit, chairman of the American Chamber of Commerce in China, said he was hoping for more change.

The Nov 5-10 China International Import Expo (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.

In addition, China would open up its lucrative domestic health care and education sectors, financial services, telecoms and mining, to foreign investors, Xi said.

"It is the greatest challenge for China" to transform itself into an importing nation, Ma said.

A deal with Washington "will require significant measures by the Chinese authorities to reduce bilateral trade imbalances and to protect USA intellectual property rights", Biswas said. But he also said those who are not pleased with China's behavior should look at their own treatment of such rights, as well.

Billionaire Alibaba (BABA.N) co-founder Jack Ma called fighting over trade senseless and decried once again a widening conflict between the USA and China.

Xi said China would "step up" efforts to stimulate imports, lower tariffs, ease customs clearance procedures, and implement harsh punishments for intellectual property infringements.

China imported $1.84 trillion of goods in 2017, up 16 percent, or $255 billion, from a year earlier.

Niño de 14 años convirtió en el clásico paraguayo — Histórico
Y tuvo la sangre fría para hacer excelente el buen pase filtrado por Juan José Aguilar. Apenas marcó el primero se soltó.

Security guards stand on duty near an entrance to the China International Import Expo in Shanghai, November 5, 2018.

Greeted by a number of foreign leaders, President Xi welcomed the world to the expo. Some countries, like Kenya, even have national exhibitions at the event in an effort to win interest in their products and improve ties.

Top officials of the government-owned company met President Uhuru Kenyatta in Shanghai, China, during which they confirmed plans to set up business in Nairobi.

George Magnus, a research associate at the China Centre at Oxford University, said Xi may find it hard to sell his narrative that it is an open economy with a free-trade spirit to the United States and other major trading partners because "there's a change of attitude [about China] really".

"It is important for us therefore to correct the existing trade imbalance to enable a fair share of the benefits of trade", he said.

As part of broader efforts to encourage innovation, a key plank of government policy, Xi announced that the Shanghai stock exchange will set up a board for high-tech companies which will trial a new registration-based Initial Public Offering system that has always been discussed by regulators. China wants Shanghai to be one of the world's leading worldwide financial centers by 2020.

Xi´s latest commitment to abide by world trade practices was light on specifics, however, and it remained to be seen whether it will satisfy an increasingly impatient foreign business community.

China ranks 59th out of 62 countries on openness to foreign direct investment, according to an Organization for Economic Cooperation and Development ranking.

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