China Will Open Up More Of Its Large Economy, Says President Xi At Apec

Its “super-sized” will be opened up to a greater extent economy to import more high-quality goods and services, said Chinese president Xi Jinping.

He also said that free trade deal wil be signed by China with more countries.

Xi made these comments during a speech at the Asia-Pacific Economic Cooperation (Apec) forum which also has the United States and Russia as its members.

It is not yet clear whether the US president Donald Trump would also be addressing the event.  

On a previous occasion, this event was utilised by Trump to detail his alternate vision of the future of global trade.

Since the middle of 2018, a trade war is on-going between the US and China and there have been a number of flashpoints between the two largest economies of the world including import taxes and operations of Chinese technology firms in the US.

In his speech, Xi also warned against protectionism while reaffirming that China would will not pull away from other economies – known as decoupling.

“We will not reverse course or run against the historical trend by ‘decoupling’ or forming a small circle to keep others out,” Xi said.

Recently, the largest regional free-trade agreement of the world – the Regional Comprehensive Economic Partnership (RCEP), backed by China, was signed during the last week end. This new free trade agreement accounts for almost one third of the total economic output of the world. China, Japan, South Korea and 12 other Asian countries are part of the RCEP which was negotiated for almost a decade.

“In today’s world where economic globalisation has become an irreversible trend, no country can develop itself by keeping its doors closed,” Xi added.

But in recent years, China has got embroiled in a number of trade disputes including one with its close trade partner Australia with Beijing imposing import duties of up to 80 per cent on barley imported from Australia.

A blueprint for China’s five-year as well as the key objectives of the economy over the next 15 years was laid down by Xi and other Chinese leaders last month. The key objectives of the Chinese economy now include the aim of propelling China into the “high income” nation status by 2025 and then advancing to be noted as a “moderately developed” country by 2035.

(Adapted from BBC.com)



Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability

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