(Nov 5): President Xi Jinping said China would focus more on imports and further lower tariffs in his first opportunity to address global investors since the world’s two largest economies resumed trade talks in September.

“China will give greater importance to imports. We will continue to lower tariffs and institutional transaction costs,” he said in a keynote speech at the start of a trade expo Tuesday morning in Shanghai. He said China was willing to sign high-standard free trade agreements with more countries.

Xi said countries shouldn’t put their own interests above others. “We must all put the common good of humanity first rather than place one’s own interests above the common interests of all,” he said. “Integration of the economy is the order of the day.” He added that China would continue to improve its business environment.

The speech came as Xi and U.S. President Donald Trump work to assemble a “Phase One” trade agreement that will leave many of their thorniest problems to future negotiations. U.S. officials including Commerce Secretary Wilbur Ross have expressed optimism about the pact, which might include increased Chinese purchases of U.S. agricultural products, keeping its currency stable and further opening its financial market.

The China International Import Expo -- now in its second year -- is designed to showcase the country’s desire to shift its economy toward consumption by buying more foreign goods. While some 63 countries are participating in the event, including French President Emmanuel Macron, the U.S. and most other Western nations are either sending lower-level delegations or none at all.

Xi Says China will focus on imports, further lower tariffs

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

EQT Impact Challenge offers platform for impact entrepreneurs to attain 'patient capital'

Singtel to sell 20% stake in regional data centre business valued at $5.5 bil

SoftBank has either reopened the IPO market or killed it

Equity markets dictated by rising risk-free rates

Sheng Siong signs new lease agreement in China

KDCREIT obtains $120 mil sustainability-liked Islamic credit facility

Building up the digital skills needed to futureproof Asean’s growth

Cisco strikes US$28 billion deal for Splunk in biggest buy yet

A call for explainable AI 

Frasers Centrepoint Trust announces proposed divestment of 28.85% of Hektar REIT

Alibaba's Cainiao plans to raise at least US$1 bil in Hong Kong IPO soon

MAS raises deposit insurance scheme to $100,000 in April

Norqain partners with Dean Schneider to raise funds and awareness for the Hakuna Mipaka Wildlife Oasis

Weekout (Sep 25): &Juliet, Halloween Horror Nights, Ganko Sushi, High Bar Society

See the latest from Alexander McQueen, Puyi Optical and more

Instacart has caught tech's next big thing

The end of an era for global automakers

China must avoid a debt-deflation spiral

OCBC becomes first bank in Singapore to offer cross-border payments for customers through Alipay+

Goh Jin Hian, former CEO of New Silkroutes Group and son of former PM Goh Chok Tong charged with false trading

Thomson Medical has 3 months to restore public float

Proposed rezoning of Marina Square could have 'significant upsides' to NAVs, says DBS

OCBC lifts ST Engineering's target price on improving aerospace outlook

Xi Says China will focus on imports, further lower tariffs

Related News

Highlights

Will the Rising Sun keep rising?

Related News

ASML hit with new limits on chip gear exports to China

China’s recovery weakens as industrial, retail activity slow

Briefs: Global trade slows in blow to Maersk, Credit Suisse AT1 holders in Asia add to claims over wipeout