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Key takeaways from Xi Jinping’s speech at China International Import Expo

Chinese President Xi Jinping made a keynote speech at the opening ceremony of the China International Import Expo on Monday. He hit back against protectionist trade practices advocated by US President Donald Trump, praised globalisation and pledged to further cut import tariffs and open China’s markets wider.

Here are key takeaways from his speech:

— Globalization is an irreversible historical trend that provides a strong impetus to the development of the world economy and the trend is bound to move ahead.

—Openness brings progress.  If countries cut down barriers and expand openness, international trade will enhanced, but if they keep themselves isolated and closed, international trade will be stagnated which makes it hard for the world economy to growth healthily.

—China’s initiative to expand imports is not an expedient measure, instead, it’s a long-term plan which will promote common development of every countries.

—China will further reduce tariffs, improve the procedures of customs clearance, reduce the institutional costs for importers, and accelerate the development of new new business models such as cross-border e-commerce.

—China will speed up introducing regulations on foreign investment and implement the pre-establishment national treatment and negative list system.

—China will protect the legitimate rights and interests of foreign companies, step up crackdown on infringement upon intellectual property rights and introduce a punitive damage system to increase the cost of for conducting illegal activities.

—All countries should strive to improve their business environment and solve their own problems, instead of always whitewashing themselves and blaming others. They should not act like a flashlight which only exposes others but not themselves.

—China has further shortened the negative list for foreign investment and reduced restrictions on their investment. China is steadily expanding the opening up of the financial sector and will opening up the service sector, agriculture, mining, and manufacturing industries wider, and accelerating the opening up of telecommunications, education, medical care, and culture sectors.

—In the next 15 years, China’s imports of goods and services will exceed $30 trillion and $10 trillion respectively.

—A new area of the Shanghai Free Trade Zone will be added to encourage and support the city’s development.

—China will set up a Science and Technology Innovation Board at the Shanghai Stock Exchange for a pilot registration-based IPO system.

—China will upgrade the integration and development of the Yangtze River Delta to a national strategy, where new development concepts will be implemented.

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