President Xi at Apec: China pledges to open up its ‘super-sized’ economy

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Chinese president Xi Jinping has said China will open up its “super-sized” economy to import more high-quality goods and services.

China also will sign trade pacts with more countries, he said on Thursday.

Mr. Xi was speaking at the Asia-Pacific Economic Cooperation (APEC) forum, which incorporates the US and Russia.

It is so far unclear if US President Donald Trump is going to be speaking at the event, which continues on Friday.

Mr. Trump has previously used the event to get out his competing vision for the longer term of worldwide trade.

China and therefore the US is involved in a trade war since 2018 with a variety of flashpoints over import taxes and Chinese technology firms operating in America.

Mr. Xi also used Thursday’s Apec speech to deny that China would be pulling faraway from other economies – referred to as decoupling – and warn against protectionism.

“We won’t reverse course or run against the historical trend by ‘decoupling’ or forming a little circle to stay others out,” Mr. Xi said.

Free trade
Mr. Xi’s comments come off the rear of signing the world’s largest regional free-trade agreement over the weekend, encompassing almost a 3rd of the world’s economic output.

The Regional Comprehensive Economic Partnership (RCEP), almost a decade within the making, includes China, Japan, South Korea, and 12 other Asian nations.

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

However, China is involved in a number of trade disputes with rival economies, including Australia which it’s imposed import tariffs of up to 80% on barley.

Last month, Mr. Xi and other Chinese leaders laid out a blueprint for China’s five-year plan and key objectives for the subsequent 15 years.

They include a goal to show China into a “high income” nation by 2025 and advance to a “moderately developed” nation by 2035.

Source: bbc news

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