Xi announces new measures to China’s reform drive

World
Europe

Chinese President Xi Jinping has unveiled four new concrete measures to advance reform and opening-up, from expanding market access to foreign capital to increasing imports and lowering tariffs.

He made the announcements during a keynote speech at the opening ceremony of the Boao Forum for Asia annual conference in south China's Hainan Province on Tuesday.

This year marks the 40th anniversary of China's reform and opening-up and the 30th anniversary of Hainan’s founding as a province and special economic zone. Xi said the province's economic prosperity reflects the country's economic growth over the past four decades.

China contributed its wisdom to world economic growth in the meantime, he said, noting that China wants to build a world of openness, inclusiveness and balance, with enduring peace, universal security and common prosperity for all mankind.

China always supports dialogue, cooperation and sustainable development, and firmly upholds international order under the UN Charter, he said, calling on all countries to work together to tackle the problems facing globalization.

Chinese wisdom at Boao

The problems facing economic globalization need to be tackled with global measures and the benefits of prosperity should be delivered to all people around the world, Xi said.

The president urged all countries to abandon the Cold War mindset and zero-sum mentality for win-win results, noting that peace, cooperation and connectivity are the current trend around the world.

The annual Boao Forum for Asia opened in Hainan Province on April 10, 2018. /VCG Photo

This year's Boao Forum comes against rising trade tensions between the US and other countries, including China.

Last month, the US slapped heavy tariffs, 25-percent on steel imports and 10-percent on aluminum imports, triggering international criticism.

President Xi acknowledged globalization faced great challenges and protectionism, but said China is committed to more opening-up and connectivity.

Xi urged "developed countries to stop imposing restrictions on normal and reasonable trade of high-tech products and relax export controls on such trade with China."

Economic globalization is irreversible and China's door to the world will only open wider, he stressed.

To another 40 years

Xi pledged China will give more market access to foreign businesses, especially to financial services.

The president unveiled the following four measures China will take to make good on its promise:

First, accelerate the opening-up of the insurance industry, facilitate foreign financial services, and attract foreign capital in manufacturing such as automobiles, ships and aircraft.

Second, lower the import tariffs for vehicles and reduce import tariffs for some other products.

Third, strengthen protection of intellectual property rights.

Fourth, provide friendly environment for foreign investors.

Xi told world leaders at the forum that China will translate these measures into reality very soon.

The Managing Director of the International Monetary Fund (IMF) Christine Lagarde has previously said China has accomplished an economic miracle in the past 40 years and with the efforts of promoting free trade and global prosperity, China will achieve a success for another 40 years.

World echoes China's call

Speaking after President Xi, world leaders all hailed his calls for free-trade and economic connectivity.

The United Nations Secretary-General Antonio Guterres urged all countries to support a fair globalization that leaves no one behind and make global trade fair by refusing isolation and protectionism.

United Nations Secretary-General Antonio Guterres speaks at the opening ceremony of Boao Forum for Asia, April 10, 2018. /CGTN Photo

"Global problems need global multilateral solutions," he stressed.

Singaporean Prime Minister Lee Hsien Loong said there's no winner in a trade war, and any such conflict between China and the US would hurt other countries.

For his part, Austrian President Alexander Van der Bellen said the world has heard China's commitment to globalization and opening-up and Austria hopes to participate more in China's Belt and Road Initiative.

Openness and connectivity have to be universal, the Austrian president said, noting that the China-proposed Belt and Road Initiative is a prominent example of such efforts.

CGTN Photo

Meanwhile, Prime Minister of the Netherlands Mark Rutte noted that world history has shown how protectionism stands in the way of progress.

Rutte said the Netherlands is an example of a country that benefits greatly from global trade and connectivity. He called on Asian countries to reaffirm a free-trade economic system as opening up and innovation are vital, and to reaffirm support to the World Trade Organization that is achieving open and free trade for the benefit of all.

2376km