China's President Offers Market Access

China's President, Xi, has promised lower import tariffs and broader market access

President Xi Jinping of China on Monday at the opening of a weeklong trade expo said China would lower import tariffs and continue to broaden market acces. This may be an attempt by Beijing to assuage being heavily criticized for its trade and business practices. President Xi, also promised to speed up the opening of the education, telecommunications and cultural sectors, while protecting foreign companies’ interests and enhancing punitive enforcement for infractions of intellectual property rights. It's interesting to know that Xi made these promises, at a time of heightened tension between China and some of its biggest trade partners, particularly the United States, which has imposed tariffs on $250 billion worth of Chinese goods so far and then China retaliating with $110 billion worth of tariffs on U.S. goods. China holds its International Import Expo (CIIE), from 5th-10th November. An event that brings thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world’s second biggest economy. U.S. President Donald Trump has railed against China for what he sees as intellectual property theft, entry barriers to U.S. business and a gaping U.S. trade deficit. No senior U.S. officials were set to attend the Shanghai event.