Xi retaliates against the United States and talks hard about trade

In his keynote address, Xi described China as a champion of openness and free trade.

Chinese television has repeatedly shown the Australian Minister of Commerce, Simon Birmingham, that he was taking notes while listening to Xi's speech. The television coverage that preceded Xi's speech included an interview with Mr. Birmingham, where he said Australia celebrated China's economic success.

Birmingham's presence at the exhibition, where he met with Chinese Commerce Minister Zhong Shan, marked the beginning of a shift in relations between Australia and China following a freeze on official visits which lasted a year.

Analysts noted Beijing's willingness to re-establish ties with Australia, after a dispute over the treatment of foreign interference legislation by the Turnbull government, while the United States urged its allies to take sides in the worsening of the trade war.

Xi did not make further concessions to the United States in his speech, except to say that China would continue to reform and open up foreign companies' access to its markets, and said that China would continue to reform. engage in the repression of intellectual property infringements against foreign companies.

"We will strengthen the credibility and effectiveness of intellectual property review and put in place a punitive compensation system to dramatically increase the cost to offenders," he said.

China would expand its free trade zones in Shanghai and Hainan. He highlighted a move to boost Chinese technology companies – a particular target of the White House in the trade war – by setting up a technology council on the Shanghai Stock Exchange.

China abides by international trade rules and offers equal treatment to foreign companies registered in China, Xi said.

Free trade and multilateralism were threatened by profound changes in the international landscape, he said, warning that countries withdrawing into isolation would find economic stagnation.

Xi also highlighted the new multilateral trade agreements that China urged to conclude – including the global regional economic partnership of which Australia is a negotiating partner, an investment agreement with the EU and the EU. a free trade zone with Japan and South Korea.

Xi told an audience of state leaders, trade ministers and leaders from 172 countries that, despite the significant challenges facing some sectors of the Chinese economy, reference was made to the global instability caused by the punitive absolute tariffs of the United States and China. – The Chinese economy was stable.

The slowdown in Chinese GDP growth of 6.5% has achieved Beijing's goals, he said, and the world had "every reason to be confident" for the future of the Chinese economy.

"After 5,000 years of trials and tribulations, China is still here. In the future, China will always be here to stay. "

After the speech, Mr. Birmingham said that Xi's comments on improving market access for foreign companies in the areas of education and health could constitute an opportunity for Australian companies.

"I have also been delighted to hear his commitment to improving the system of intellectual property protection and implementation of this right in China. It has long irritated foreign companies, including Australians, "he said.