Chinese President Xi Jinping announced the opening of the first China International Import Expo (CIIE) this morning at the National Exhibition and Convention Center in Shanghai.
President Xi explained that the week-long CIIE is the world’s first national-level import expo and described China as an advocate for international openness and collaboration. He discussed the benefits of an open international economy and said that China is pursuing “a new round of high-standard opening up” to broaden market access to the rest of the world. More than 3,600 companies signed up for the expo with a total of 172 countries, regions and international organizations participating in the event.
President Xi plans to further expand the country’s “reform and opening up” policy, and stated that China’s doors “will be opened even wider” to the world. As for Shanghai’s role throughout the process, Xi presented three measures to leverage .
First, China will set up new districts of China (Shanghai) Pilot Free Trade Zone and encourage new innovative ideas that can facilitate trade. The successful methods may then be replicated in other parts of the country.
Second, China will establish a science and technology innovation board at the Shanghai Stock Exchange and experiment with a registration system for listed companies, continuously improving the fundamental policy.
Third, China will form a national strategy by promoting integration in the Yangtze River Delta region in order to build a modern economic system.
“The Chinese economy is not a pond but an ocean. High winds and storms may upset a pond but never an ocean.” President Xi said to stress that being the world’s second largest economy provides market stability.
He also added that China intends to lower tariffs to push down import prices, treat domestic and foreign companies equally and impose punitive penalties to protect businesses’ intellectual property rights.
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