Published: Wed, November 07, 2018
Money | By Arnold Ball

China’s Xi Jinping Promises Lower Tariffs, More Imports

China’s Xi Jinping Promises Lower Tariffs, More Imports

The event, which has a United Kingdom delegation led by the trade secretary Liam Fox, is aimed at bolstering access to China for foreign firms but has been overshadowed by the trade spat with Donald Trump.

"This provides huge opportunity to increase our exports to China which is further supported by the tariff war between U.S. and China", said Ajay Sahai, director general, FIEO. He added that the imports would be increased cutting costs for importers and improving consumer spending power.

Presidents and prime ministers from almost 20 countries are attending the trade fair, although no leaders from Western countries are attending.

China has further simplified negative list of foreign investments, reduced investment limits and lifted the level of free investment. "Under the theme of 'New Era, Shared Future, ' the first CIIE will help friends from around the world to seize opportunities presented by China in the new era", Xi said.

Novartis was one of the first global firms to enter China, one of the drugmaker's most important markets. Trump predicted he'd be able to make a deal with China on trade. "Under the theme of 'New Era, Shared Future, ' the CIIE will help friends from around the world to seize opportunities presented by China's development in the new era and offer a platform for us to deepen worldwide business cooperation for shared prosperity and progress", Xi said.

Microsoft founder Bill Gates (right) with World Bank President Jim Yong Kim at the 1st China International Import Expo in Shanghai, Monday. Over 3,600 companies from around the world and national representatives from 80 countries are taking part in the week-long import expo, which is exclusively focused on promoting Chinese purchases of goods and services from other countries. Beijing has touted the first annual China International Import Expo as a sign of its willingness to open its markets despite mounting criticism to the contrary and the worsening trade war with Washington, which has seen both sides impose punitive tariffs on hundreds of billions of dollars worth of goods.

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Through the expo China is trying to convey an image that it is not only interested in importing away materials and crude oil from other countries but also consumer products that in particular appeal to the country's 400 million "middle-income" residents.

Since then, officials of the two countries held several rounds of talks for India to export its agricultural products like sugar and rice as well as its pharmaceuticals and IT in which the country has an upper hand in the global exports.

The delegation is being funded by his Trade and Industry Ministry through the Export Marketing and Investment Assistance Scheme, the minister said.

Etihad Aviation Group, one of the key enterprises from the United Arab Emirates, participates in the CIIE as an exhibitor with a dedicated stand covering more than 100 square meters at the Trade in Services sector in the Business Pavilion area.

Twelve countries were named "guests of honour" at the trade fair, including the UK, Russia, Canada, Germany, Mexico, Brazil, Egypt, Hungary, Indonesia, Pakistan, South Africa, and Vietnam.

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