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Foreign governments and businesses were hoping Chinese President Xi Jinping would use the opening of China's first international trade fair. But that did not happen, and some saw the measures Xi rolled out Monday as falling short of expectations.
"We were waiting for President Xi to inform the world about the future, but what we wanted to hear, and the complete steps did not appear, "Said Carlo Diego D'Andrea, vice president and Shanghai Chapter chairman of the European Chamber of Commerce in China.
In his speech, President Xi said China would be able to provide financial services, agriculture, mining and education and boost the consumption of imported goods and services. He also said China would create a better business environment with a sound regulatory system, including bolstering punitive measures for violations of intellectual property rights.
In the case of Chinese law, it is necessary to ensure that Chinese consumers have a better understanding of the law.
Xi did not mention the United States directly or President Donald Trump's tariffs, but some of his remarks appeared to be directed towards Washington.
As trade frictions with the United States continues, China would import as much as $ 30 trillion in goods and $ 10 trillion in services over the next 15 years. Last year, China imported $ 1.84 trillion in goods and $ 458 billion in services.
"China will lower tariffs," said Xi said.
Although the China International Import Expo has been planned well before trade with the United States of America, it is believed to be more expensive.
China's middle class is nearly as large as the entire population of the United States.
Thousands of foreign companies are participating in the expo. Some countries, such as Kenya, have national pavilions at the event to help their interests and their products. Kenya's President Uhuru Kenyatta was among several leaders who spoke to the opening ceremony Monday in addition to Xi.
Kenyatta was optimistic about trade opportunities with Beijing. The Kenyan president noted how China is its biggest trading partner, with trade growing from $ 471 million in 2007 to $ 4 billion in 2017.
"This trade, however, was skewed heavily in favor of China," said Kenyatta, speaking in Washington. "It is important to correct the trade imbalance and enable a fair share of trade."
Xi voiced support for CIIE host city Shanghai as a center for technology and innovation, noting that it would continue to take the lead forward.
China wants Shanghai to be one of the world's leading global financial centers by 2020 and its share of the stock market indexes' technology and innovation scholarship that was launched in 2015, but has had lackluster appeal.
Tang Xuan, an assistant to the chairman of Nanliv Nano Technology, who is based in Shanghai, would like to give the index a boost.
"With Chairman Xi's support, the high-tech innovation stock index may be more important, and it may be more important for us to look into the future." Tang said.
But analysts say boosting confidence and growing the country's attractiveness for investment will take over more than just soundbites or massive trade shows.
Despite its claims, China remains one of the world's most protectionist economies. The Organization for Economic Cooperation and Development ranks China 59 out of 62 countries in foreign direct investment.
D'Andrea said the expo will be expanded to China, but it will not address the country's internal reform deficit.
"At the moment, the lack of internal reform, more than the US and the trade dispute behind the U.S. and China may be put on hold further investment from European countries into Chinese markets," D'Andrea said.
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