China welcomes the world with a further opening market

World
Europe

01:45

Chinese President Xi Jinping has vowed greater efforts in five areas to open the Chinese market further.

He made the remarks at the China International Import Expo in Shanghai on Monday.

Xi said China will stimulate the potentials of imports, further reduce tariffs and cut institutional costs, continue broadening market access-opening up industries like the finance industry, provide a world-class business environment, and promote multilateral and bilateral cooperation.

He Weiwen, a senior fellow at the Center for China and Globalization, acknowledged China's already made progress in these areas.

The first China International Import Expo opens in Shanghai National Exhibition and Convention Center, November 5, 2018. /VCG Photo

On tariffs, He argued that China's current trade-weighted level of 3.7 is a relatively low one, but he said, “we are not satisfied,” and that bringing it down further will “show to the world that we are not protected by tariffs.”

In his previous article, He said China's tariff figure of 3.7 is “marginally higher than Japan (2.1 percent), the US (2.4 percent) and the EU (3.0 percent), but slightly lower than Australia (4.0 percent).”

On market access, He said he was “quite impressed” by one latest policy that allowed foreign investors to have the majority share in truck line railroad transportation. “I don't believe that the US can even do that,” He said.

The first China International Import Expo opens in Shanghai National Exhibition and Convention Center, November 5, 2018. /VCG Photo

He also highlighted the measure in ramping up the legal system, particularly regarding the protection of intellectual property rights, and the fair treatment all companies in China, be them state-owned, private, domestic or foreign.

The measure “will give the world a signal that, ‘please come' - if you come to China you will be treated equally, with your IP protected.” He noted.

Lastly, the measure of developing free trade zones, areas and even the free trade island of Hainan, He said, shows “that we are not a government-led economy. We leave the market to play the decisive role.”

(If you want to contribute and have specific expertise, contact us at opinions@cgtn.com.)