Chinese President Xi Jinping has hinted that the series of so-called protectionist economic policies adopted by the US President Donald Trump administration will hold back American development.
Speaking at the Chinese Boao Forum for Asia in Hainan Province on Tuesday, Xi hailed China’s economic reforms and open economy, saying the measures would definitely succeed while stressing that zero-sum thinking and isolationism would lead to “backwardness,” without referring to the US by name.
His remarks come amid a trade war initiated by the Trump administration last month, when the US president imposed heavy tariffs on steel and aluminum imports from China.
China initially cautioned against a trade war even as it signaled its readiness to fight one. Ultimately, Beijing retaliated by imposing tariffs on a range of American goods.
Trump then threatened to impose an additional $100 billion in tariffs on Chinese goods.
In what seemed like a conciliatory gesture, Xi on Tuesday pledged to lower import tariffs on products, including vehicles, and further open the country’s economy.
Trump had on Monday slammed China for imposing 25-percent tariffs on imported cars while the US reportedly maintained 2.5-percent duties.
“This year, we will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products,” Xi said.
He also promised to lift restrictions on foreign ownership in the automobile sector “as soon as possible” and push previously announced measures to open the financial sector.
The US stock, the dollar, and Asian shares rose as Xi made the remarks.
Also on Tuesday, the Chinese president said that his country would take measures to sharply expand market access for foreign investors.
He said China would also accelerate opening its insurance sector to foreign investors.
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