China to cut tariffs, boost imports of high-quality goods and services


China will continue to cut its tariffs and expand imports of high-quality goods and services, Chinese President Xi Jinping said on Thursday, while vowing to push reforms and promote an innovation-driven growth model.

"We will further reduce tariffs and institutional costs..., and expand imports of high-quality products and services from all countries," Xi said in a keynote speech delivered via video at the APEC CEO Dialogues, ahead of a leaders' virtual summit on the future of international cooperation on Friday.

China will pursue higher quality growth through its "dual circulation" development model, driven by technological innovation, Xi said.

Xi also called for stronger policy coordination among international communities and said globalization is "irreversible" and that China will not engage in "de-coupling".

"Our new development pattern is not a closed domestic single circulation, but an open and mutually promoting domestic and international dual circulation," Xi said.

The "dual circulation" strategy envisages that China's next phase of development will depend mainly on "domestic circulation" or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.

Xi also said China will sign free trade pacts with more countries and will promote a high-quality Belt and Road initiative.

At a key meeting last month, Xi and other leaders laid out a blueprint for China's five-year plan and key objectives for the next 15 years. They include a goal to turn China into a "high income" nation by 2025 and advance to a "moderately developed" nation by 2035.

© Thomson Reuters 2020.

©2020 GPlusMedia Inc.

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Looking forward to the end of the China-USA trade war, once sanity returns to DC.

-5 ( +2 / -7 )

We will further reduce tariffs 

Reduce but not eliminate, eh. This is now "free trade" and globalization really works. Some (high growth) countries are allowed to maintain tariffs, others (low growth) not.

1 ( +1 / -0 )

China will continue to cut its tariffs and expand imports of high-quality goods and services, Chinese President Xi Jinping said on Thursday

I think he mixed up his speech because in the last few months China has levied Tariffs on an expanding number of Australian goods, even though we have a free trade agreement with China. Thursday, the day he made this erroneous speech, China has blocked timber imports from Victoria (The one state that signed up to Beijing's B&R project). China can not be trusted in trade deals.

Boycott China.

2 ( +4 / -2 )

Innovation-driven growth model as per them probably means new ways to steal technology and IP, something they have been doing till date through forced technology transfers and outright hacking.

2 ( +3 / -1 )

Does he just play videos of prior world conferences where he promises to allow imports and be a good global influence? It would save a bunch of his time and have the same effect.

0 ( +0 / -0 )

Tricking foreign investors into larger frauds. Nothing is surprising here.

1 ( +1 / -0 )

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