Chinese President Xi Jinping discussed plans to further open up the Chinese economy during a Tuesday address.
Those measures included “significantly” lowering import tariffs for autos, decreasing duties on other products, enforcing the legal intellectual property of foreign firms and improving the investment environment for international companies.
Xi’s address — from the Boao Forum for Asia, an annual summit that’s been dubbed the “Asian Davos” — comes amid escalating trade tensions between China and the U.S. as the world’s two largest economies take turns announcing punitive trade measures against each other.
In his speech, Xi said China will take the initiative to expand imports this year and “work hard” to import products that are required by the population.
Gold Slightly Higher as Markets Cautious Over Trade War
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.