Xi says China to lower tariffs further, ease investment rules

06, Nov. 2018

TOKYO, NNA – Chinese President Xi Jinping pledged Monday to further cut import tariffs, ease investment rules and open China’s market to the world, rejecting criticism that Beijing is abusing the global trading system.

At the China International Import Expo in Shanghai, Xi said China will implement a five-point policy to open up its economy while promoting trade and investment treaties with individual countries.

Key points from his speech:

-China’s import of goods is estimated to exceed $30 trillion in the next 15 years with services imports topping $10 trillion.

-The government will lower import tariffs further, make customs clearance more user friendly, will ease regulations to cut import costs and develop new business models, including cross-border e-commerce transactions.

-It will also improve the regulatory environment for overseas investors and stiffen penalties for infringing intellectual property rights.