China Opens International Import Expo, Promises to Buy More


He added that China would not stop efforts to promote an open world economy and will be a stable engine of global growth.

"In a world of deepening economic globalisation, practices of the law of the jungle and victor takes all only represent a dead end", Xi said Monday in a much-anticipated speech at the China International Import Expo.

As this year marks the 40th anniversary of the country's reform and opening-up policy, the Asian power, by holding the expo for imports, will try to brush aside criticism that Chinese markets are closed given that they are mainly controlled by the government. The China International Import Expo (CIIE) is the brainchild of President Xi and has been promoted as the Chinese government's most significant event of this year.

The Shanghai expo also gives Beijing a chance to fix its image as a positive for global development following complaints "Belt and Road" leaves host countries with too much debt, while too little work goes to local companies.

The expo will be held between November 5 to 10 in Shanghai.

While in China, President Uhuru is expected to sign a horticulture trade deal which will allow Kenya to export fresh produce such as avocados, cashew nuts and mangoes to China.

China has been criticised for placing high trade barriers which makes it untenable for other countries to access its market. Trade discussions were "moving along nicely", Trump said, claiming "it's going to work out good".

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Microsoft founder Bill Gates will join a business forum, but the touchy optics of attending a China import expo at a time of trade tensions means few big-name American CEOs are confirmed.

Speaking at an global 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'. He called for countries to resist trade protectionism and unilateralism, and strengthen worldwide coordination of macroeconomic policies to reduce negative effects on other nations' economies. But in a slap at Trump's "America first" policies and threats of import controls, he said the "the multilateral trading system should be defended". Nearly half of companies surveyed in June by the European Chamber of Commerce in China said they missed out on business opportunities due to regulatory barriers or market access restrictions, and they expected obstacles to increase during the next five years.

Ahead of the fair, the French and German ambassadors to China urged Beijing to take "concrete and systematic measures that go beyond tariff adjustments" to improve the business environment for foreign firms.

In his speech, Xi vowed to "firmly punish behavior that encroaches on the lawful rights and interests of foreign companies, particularly intellectual property right infringements", adding the government will introduce a "punitive compensation institution" to "sharply raise the legal costs" of violating IPR.

India exported pharmaceutical products worth $15.6 billion in 2017-18 but exports to China was only $41 million, a share of 0.2%.

"Overall, favorable conditions are in place for the long-term, healthy and steady growth of the Chinese economy", Xi said. He said China's $12 trillion-a-year economy is "a sea, not a small pond" and can withstand shocks.