China’s Xi warns against “Cold War mentality”

Apr 10, 2018, 7:52 AM EDT
Chinese President Xi Jinping vowed to open up country's economy.
(Source: Foreign and Commonwealth Office/flickr)

Addressing the Boao Forum for Asia, China’s President Xi Jinping vowed to liberalize the country’s economy, warning that there is no space for “Cold War mentality” and “zero-sum game” in a progressing world.

Xi’s remarks about opening up China’s economy, slashing import tariffs and relaxing norms for foreign firms come amid a protracted trade standoff with the U.S., with both sides slapping a series of tit-for-tat tariffs on each other, reports the BBC.

China faces a “credibility gap” for its centralized control over businesses, market access barriers and bias for local firms despite its longtime promises of opening up the economy, notes Bloomberg.