Xi promises to cut import tariffs and open economy

Nov 05, 2018, 6:37 AM EST
China's President Xi Jinping made vague trade promises as usual.
(Source: GovernmentZA/flickr)

Speaking at a trade fair in Shanghai, China’s President Xi Jinping promised to reduce import tariffs and to open the country’s markets for foreign players, however, the address lacked any specifics as usual and did little to ease the ongoing trade war between Being and the U.S.

Xi’s advocacy of “inclusive growth” and “multilateralism” is being viewed as an attempt to paint China as a champion of globalization and douse the criticism of its “unfair trade and business practices,” notes The Guardian.

In an apparent dig at America’s recent moves to hike import taxes on about half of Chinese imports, Xi called China’s economy a “sea,” which cannot be overturned like ponds, writes the BBC. The speech, however, made it amply clear that Beijing is not going to yield to pressure tactics by the U.S.