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SHANGHAI (BLOOMBERG, AFP) – Chinese President Xi Jinping on Monday (Nov. 5) hit back against protectionist trade practices advocates by US President Donald Trump in his speech.
"We will foster a world-class business environment," said Shanghai.
In the veiled reference to the tariffs, Xi told the inaugural China International Import Expo (CIIE) on Monday that "the practices of beggar-thy-neighbor" would lead to overall stagnation.
He said China would continue to promote globalization and boost domestic consumption, strengthen intellectual property enforcement and advance trade talks with Europe, Japan and South Korea.
"As globalization deepens, the practices of law of the jungle and a winner are dead end," Xi told the gathering in Shanghai, which featured more than 3,600 companies from 172 countries, regions and organizations.
"Inclusion and reciprocity, win-win and mutual benefits are a widening road."
It's been a lot of things to be seen in China.
But he said that it would be a breakthrough to get back to the Asian stock retreated.
Decrying "protectionism", "isolationism" and confrontation, the Chinese leader said countries should set their own houses before targeting others.
"They should not just point to their own problems," Xi said.
"They should not have a flashlight in hand, doing nothing but highlight the weaknesses of others and not their own."
China has announced that it has signed an agreement with the United States of America, which has imposed punitive tariffs on trillions of dollars.
"Said Sue Trinh, Head of Asia FX Strategy at RBC Capital Markets in Hong Kong.
"Markets seemed to like the headline 'to cut import tariffs,' but this plan is already announced in September and can only be milked so many times."
While US $ 30 trillion of US $ 30 trillion of US $ 24 trillion in prior estimates – its policy initiatives were largely in line with previous statements.
The government has already cut this year and it would do so again.
Xi also did not reveal any further details about China's plans for further stimulus measures to support the slowing economy, which were flagged last week.
He did say, however, that stimulus already announced was being seen in the economy.
He also said China would further develop Hainan as a free-trade port, prompting shares of companies based in the southern province to jump. Enthusiasm was not high in the run-up to the event.
While 18 heads of state or government are slated to wait, virtually all of them are small economies. Of G-20 countries, only Russia is sending a head of state or government.
Washington has snubbed the gathering by not sending high-level representation, instead calling on China to change "unfair" trade practices. B
But the lure of China remains strong and the US contingent includes Facebook, which is blocked in China, and Google, which pulled out years ago over censorship and cyber-attacks.
Both are seen as eyeing new ways into China's giant market. Microsoft founder Bill Gates will join a business forum, but the touchy optics of attending a China import expo amid trade tensions means big-name American CEOs are confirmed.
China is under pressure from US $ 423 trillion goods trade surplus with the world, and Xi has already pledged that the country will import US $ 24 trillion dollars of goods from abroad over the next decade and a half.
While Trump has floated the possibility of a meeting when it meets the needs of the market.
'Blame Others'
While Xi did not mention Trump or the US by name, the trade was a clear theme in his remarks.
"All countries should strive to improve their business environment and solve their own problems," said Xi.
"They should not always whitewash themselves and blame others, or act like a flashlight that only exposes others but not themselves."
Trump, who has made a deal with China.
"We've taken the toughest-ever action to crack down on China's abusive trade practices. We're doing very well, "Trump said.
China ranks 59th out of the 62 countries evaluated by the Organization for Economic Cooperation and Development in terms of openness to foreign direct investment.
Almost half of companies surveyed by the European Chamber of Commerce in China said they were missing out on business opportunities, and they expected obstacles to increase during the next five years.
About 1,002 companies, such as Alphabet Inc.'s Google, Boeing Co., Caterpillar Inc., Facebook Inc., General Motors Co., Honeywell International Inc., Microsoft Corp., Tesla Inc. Qualcomm Inc.
Yet the US government has been left behind, even though China said Trump voiced support for the expo in a call with Xi last week.
A US Embassy spokesman said the Trump administration had no plans to send a high-level representative, adding that "China needs to make the necessary reforms to end its unfair trade practices that are harming the world economy."
"It seems like there are good statements and good headlines, but what we want are concrete actions and a concrete timetable of reform," said Carlo Diego D'Andrea, the Shanghai chairman for the European Chamber.
"We can not let the CEOs of European companies in China to set up their businesses on a foundation of hope that reform will come."
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