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Xi Jinping Announces Plans to Further Open China’s Economy

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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.

CNBC

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
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