Xi Jinping Aims to China Rebrand-an Import

Mr. Xi's remarks and the fair itself are meant to demonstrate that they are more likely to be in China than they sell. For successive US administrations, trade deficits with China have been a lightning rod, worsened by unfulfilled promises of market access for American dairy farmers, financial advisers, internet firms and other companies-issues cited by President Trump in ordering tariffs on more than $ 250 billion worth of imported Chinese goods.

Mr. Xi's keynote, however, is one of the most important initiatives in the world.

Kenneth Jarrett, President of the American Chamber of Commerce in Shanghai, said Mr. Xi's statements on Monday and for two years have been encouraging. He said the president identified areas of concern for American businesses such as the property of China. "The rhetoric alone will not be enough," he said.

Mr. Xi won applause with a statement that China would import $ 30 trillion in goods over the next 15 years. While this figure represents a 25% increase over the $ 24 trillion import target that Mr. Xi pledged in a speech last year, it also appears to be more expensive than it has been since 2015 that China would buy $ 10 trillion in goods from other countries over a five-year period.

Mr. Xi also said China would import $ 10 trillion in services over the next 15 years, a goal analysts said it was easily attainable for a $ 12 trillion economy that is still expanding and that $ 468 billion in services last year.

By expressing plans in generalities with few specifics, Mr. Xi reinforced a growing view among analysts in China and abroad that he is not planning the type of boldness of the economy that has marked his approach in politics-throwing out corrupt rivals and securing potential lifelong power for himself.

The European Chamber of Commerce in China has cited a lack of follow-through in economic policy that calls for "reform deficit."

All year senior officials have promised a slate of policy changes that would be fitting for Deng Xiaoping that made China an economic powerhouse. "Mr. Liu He said in the World Economic Forum in Davos.

Mr. Xi raised new hopes of liberalization last month when he embarked on a tour of the world. Mr. Xi used to travel to the United States. It has been praised private enterprises, in which it lauded their contributions while noting state companies remain the mainstay of the economy.

China International Import Expo, the event Mr. Xi opened Monday, in the country's interaction with the world. That also makes it more difficult for companies to join forces with other companies.

Mr. Xi said investors should be confident about the occasional "high winds and storms" and that it is on the right track. "Openness has become a trademark of China," he said.

In addition to the import targets for goods and services, Mr. Xi reiterated pledges to better protect foreign intellectual property and ease foreign-investment restrictions in agriculture, mining and manufacturing, as well as education and medicine. He said China would speed up implementation of a foreign investment law, but it has been a target of business groups that say they want

Mr. Xi did not give any indication of the impact of a collision with the Trump administration, which has called on China to reduce the trade imbalance, stop the pilfering of American technology and the end discrimination against U.S. companies.

To host the weeklong expo in a new clover-shaped building that China calls the world's largest trade fair, the government said it is spending hundreds of millions of dollars and providing exhibitors a chance to show their wares to more than 100,000 professional buyers. Numerous government notices before the first annual event.

Though over 150 U.S. companies and organizations are taking part, the Trump administration snubbed the fair, calling for an open economy in a statement instead of sending a delegation.

Write to James T. Areddy at [email protected]