MNI POLICY: China's Xi Vows to Ban Tech Transfer, Lower Tariff

     BEIJING (MNI) - China will adopt a series of major reforms to promote a

higher level of opening up, said President Xi Jinping at the opening ceremony of

the Second Belt and Road Forum in Beijing on Friday. Here are the key points

made in Xi's speech:

     - China will make greater efforts to strengthen intellectual property

protections for foreign IP owners, eliminate forced technology transfer, improve

protection of business secrets and strictly crack down on IP infringement.

     - China will increase imports of goods and services on a larger scale,

further reduce the tariff level, eliminate various non-tariff barriers and keep

opening the Chinese market. China won't deliberately pursue a trade surplus and

is willing to import high-quality agricultural products, manufactured goods and

services to promote balanced trade development.

     - China will not manipulate its currency for depreciation, and will

continue to improve the yuan exchange rate formation mechanism and keep the yuan

stabilized at a reasonable and balanced level.

     - China will continue to significantly reduce the negative list listing

areas barred from foreign investment, open the modern service, manufacturing and

agriculture sectors in all aspects, and allow foreign ownership in more areas.

     - China will deploy a new batch of free trade pilot zones and accelerate

the exploration of a free trade port.

     - China will develop Silk Road theme bonds, and continue to use Belt and

Road special loan, Silk Road fund and various special investment funds to boost

infrastructures in countries along the Belt and Road initiative.

--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

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