China's president renews pledges to open economy and cut tariffs this year amid trade dispute

China's president renews pledges to open economy and cut tariffs this year amid trade dispute

By Kevin Yao and Elias GlennBOAO / BEIJING, China (Reuters) - Chinese President Xi Jinping on Tuesday pledged to open the country's economy further and cut import tariffs on products ...

By Kevin Yao and Elias GlennBOAO / BEIJING, China (Reuters) - Chinese President Xi Jinping on Tuesday pledged to open the economy further and cut import tariffs on products such as cars in a speech seen as an attempt to calm the trade dispute. with the United States.While most of the promises are reiterations of previously announced reforms, Xi's statements sent stocks and the dollar up on expectations of a deal that could avert a trade war.Xi said China would expand market access for foreign investors, a major complaint from China's trading partners and a point of contention for the US government, which threatened billions of dollars in tariffs on Chinese products."President Xi's speech seems to have set a relatively positive tone and opens the door to potential negotiations with the US in our view. The focus now shifts to the possible US response," Nomura economists said."But of course actions speak louder than words. We'll be on the lookout for progress on these opening...


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