The Abacus

Xi Jinping Commits To Greater Access To China Market

By: ACBC National
06-11-2019

China’s President Xi Jinping has given assurance to the global business community that China will reduce trade barriers and allow greater access to its market on the first day of the 2nd China International Import Expo (CIIE).

“China will give greater importance to imports. We will continue to lower tariffs and institutional transaction costs” claimed Xi in his keynote address in Shanghai on Tuesday.

China’s government has placed greater emphasis on imports as a way to meet the needs of domestic consumers, which China is relying on to guide its economic transition away from investment and exports to a more consumption-based economy.

“China has close to 1.4 billion people. The mid-level income group is the world’s largest. The scale and potential is huge. The future outlook unlimited. The Chinese people have a saying ‘the world is so large, I want to take a look.’ Well, today I say, China’s market is so large, I welcome everyone to come and take a look.”

In a sign of China seeking to be a global free trade leader, Xi remarked “we need to tear down walls, not erect walls. We need to stand firm against protectionism and unilateralism. We need to continually bring down trade barriers, optimise global supply chains and jointly foster market development. Integration is the order of the day.”

Xi put forward three proposals for economic globalisation to build an open world economy that is cooperative, innovative and encourages sharing between countries.

He called on countries to avoid creating or even widening technological divide. He also urged jointly strengthening protection of intellectual property rights.

This year’s CIIE has a floor size of 300,000 sqm – the size of 20 MCGs. The Australian Trade and Investment Minister Simon Birmingham is in attendance and AustCham Shanghai will be hosting a range of concurrent events throughout the week, including a Food & Beverage Summit.

Australia Post will once again have a strong presence at the expo and will host over 30 companies in its state of the art pavilion, showcasing the best of Australian lifestyle.

 

@AusChinaBC

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