Xi Vows to Expand Imports, Protect Intellectual Property

Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries

A deal with Washington "will require significant measures by the Chinese authorities to reduce bilateral trade imbalances and to protect USA intellectual property rights", Biswas said.

President Xi Jinping promised Monday to open China wider to imports at the start of a high-profile trade fair meant to rebrand the country as a global customer, but he offered no response to US and European complaints about technology policy and curbs on foreign business.

Jeffrey Schott, a senior fellow at the Peterson Institute for International Economics who is attending the expo in Shanghai, said Xi's promises of "non-discriminative investment polices", intellectual property rights protection and import duty cuts pointed to a potential easing of tensions between China and the US.

The Chinese president has promised to open the country to foreign goods and investments but markets in Asia fell on continued concerns that the country's trade war with America showed no sign of ending.

While Xi pledged to import US$30 trillion of good over the next 15 years - up from US$24 trillion in previous estimates - his policy initiatives were largely in line with previous statements.

Mr Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries.

Speaking at an worldwide business fair in Shanghai, Xi Jinping criticised what he termed Washinton's "law of the jungle" and "winner takes all" approach to trade which, he said, leads to 'a dead end'.

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China's President Xi Jingping has pledged to "step up" access to his country's economy as the trade war with the United States rumbles on. But he said companies need to see enforcement "before we know if this commitment is real". He said China's $12 trillion-a-year economy is "a sea, not a small pond" and can withstand shocks.

"I never see young people worry about technology".

Most reactions urge against taking more Chinese loans.

George Magnus, a research associate at the China Centre at Oxford University, said Xi may find it hard to sell his narrative that it is an open economy with a free-trade spirit to the U.S. and other major trading partners because "there's a change of attitude [about China] really". While the American President has floated the possibility of a deal when he meets his Chinese counterpart, Xi Jinping, in coming weeks, the two countries remain far apart on everything from market access to government support for state-run enterprises.

Washington now considers that "it's time to take more seriously the role of China not just as a feisty competitor but as an adversary in things that are existential like technology and military", he said.

As this year marks the 40th anniversary of the country's reform and opening-up policy, the Asian power, by holding the expo for imports, will try to brush aside criticism that Chinese markets are closed given that they are mainly controlled by the government. Government ministers from several other countries were also coming, but no senior United States officials were set to attend. "With the deepening development today of economic globalisation, "the weak falling prey to the strong" and "winner takes all" are dead-end alleys". "All countries should be committed to opening-up and oppose protectionism and unilateralism in a clear-cut stand", he added.

The fight has added to challenges for communist leaders are who trying to shore up economic growth that slumped to a post-global crisis low of 6.5 percent over a year earlier in the three months ending in September.

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