China's president promises to open economy and cut tariffs this year amid trade dispute with China
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.The speech at the Boao Forum for Asia was already expected as one of Xi's key statements in a year in which the Communist Party marks the 40th anniversary of its economic reforms and openness under former leader Deng Xiaoping.Xi said China would raise the limit of foreign ownership in the auto, ship...
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