BOAO, CHINA (REUTERS) – Chinese President Xi Jinping said on Tuesday (April 10) China’s reform and opening up will definitely succeed and that a Cold War mentality, zero-sum thinking, and isolationism would hit walls..
BOAO, CHINA (REUTERS, XINHUA, AFP) – Chinese President Xi Jinping said on Tuesday (April 10) that China will significantly lower import tariffs for vehicles and reduce import tariffs for some other products this year.
“We will take the initiative to expand imports,” Mr Xi said in a keynote speech at the opening ceremony of the Boao Forum for Asia annual conference, which is being held in the southern island province of Hainan.
The country will work hard to import more products that are competitive and needed by the Chinese people, he said.
China will also seek faster progress toward joining the WTO Government Procurement Agreement, according to the President.
“China does not seek a trade surplus; we have a genuine desire to increase imports and achieve greater balance of international payments under the current account,” he said.
China will also improve the investment environment for foreign investors, President Xi said.
Likening the investment environment to air, Mr Xi said that only fresh air can attract more investment from the outside.
“China relied mainly on providing favourable policies for foreign investors in the past, but now we will have to rely more on improving the investment environment,” he said.
Mr Xi said that China will complete the revision of a negative list on foreign investment in the first half of the year and implement across the board a management system based on pre-establishment national treatment.
“We will enhance alignment with international economic and trading rules, increase transparency, strengthen property rights protection, uphold the rule of law, encourage competition and oppose monopoly,” he said.
In March, China established a host of new agencies such as the State Administration for Market Regulation as part of a major readjustment of government institutions.
The purpose of this readjustment, Mr Xi said, was to remove the systematic and institutional obstacles that prevent the market from playing a decisive role in resources allocation, and enable the government to better play its role.
