MNI 5 Things: China Xi Says Strong-Eat-Weak Leads to Dead End

     BEIJING (MNI) - Here are five key points made by Chinese President Xi

Jinping on Monday at the opening of the International Import Expo in Shanghai:

     - Without directly mentioning countries by name or the ongoing trade war

with the U.S., Xi repeatedly appealed for greater global coordination and

criticized isolationism: all nations should stand by openness  and cooperation;

the strong-eat-weak or winner-take-all approach only leads to a dead end;

nations should increase macro policy coordination and reduce their policies'

negative spillover effects. 

     - China will further cut the tariffs and costs of imports, improve the

efficiency of customs clearance, and boost the development of cross-border

E-commerce. The import export will be continually held each year. In the next 15

years, China will purchase goods worth more than USD30 trillion and services

exceeding USD10 trillion. China will continue to relax market access for foreign

investors, especially areas with greater domestic demand like education and

medical care, and has further simplified the negative list, or list of

industries barred from foreign investment. 

     - The Shanghai Pilot Free Trade Zone will be expanded. The Shanghai Stock

Exchange will set up a trading board for science and technology companies to

encourage innovation and enhance capital market infrastructure. The regional

integration development of the Yangtze River Delta will be upgraded to a

national strategy and coordinate with the Belt and Road Initiatives, the

Beijing-Tianjin-Hebei Integration Plan, and Guangdong-Hong Kong-Macao Greater

Bay Area.

     - While China's economy is experiencing problems, growing uncertainties and

operational difficulties troubling some businesses, it is actively tackling them

and will persevere. China has many favorable conditions for maintaining healthy

and stable growth including production capabilities, long-term stability,

deepened reform, and the accelerating investment and cooperation with Belt and

Road countries.

     - China's economy is "a sea, not a pond," so it can weather storms. China

is willing to quicken the negotiations of investment agreement with the EU and

free trade zone with Japan and South Korea. China will continue to be a source

of global growth and an active contributor to global governance. 

--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com

--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com

--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com

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