SHANGHAI (BLOOMBERG, AFP) -- Chinese President Xi Jinping on Monday hit back against protectionist trade practices advocated by U.S. President Donald Trump in a speech in which he also pledged to further cut import tariffs and open his country’s markets.
"We will foster a world-class business environment,” Xi said in an address opening the import fair in Shanghai.
In a veiled reference to the tariffs Trump has leveled against his country’s exports, Xi told the inaugural China International Import Expo (CIIE) that "the practices of beggar-thy-neighbor” would lead to global stagnation.
He said China would continue to promote globalization and pledged to boost domestic consumption, strengthen intellectual property enforcement and advance trade talks with Europe, Japan and South Korea.
"As globalization deepens, the practices of law of jungle and winner take all are a dead end,” Xi told the gathering in Shanghai, which featured more than 3,600 companies from 172 countries, regions and organizations.
"Inclusion and reciprocity, win-win and mutual benefits are a widening road.”
Xi’s speech had been closely watched for new measures that would show China was serious about opening its economy quickly as investors look for signs of a possible resolution to a trade war between the world’s two biggest economies.
But he said little that would indicate a breakthrough is coming any time soon, contributing to a slump in the yuan as Asian stocks retreated.
Decrying "protectionism”, "isolationism” and confrontation, the Chinese leader said countries should fix their own houses before targeting others.
"They should not just point fingers at others to gloss over their own problems,” Xi said. "They should not hold a flashlight in hand, doing nothing but highlight the weaknesses of others and not their own.”
The China International Import Expo, to be held at Shanghai's National Exhibition and Convention Centre (left), will feature over 3,000 firms from more than 130 countries and regions this year. The firms will showcase goods and services they hope to
Beijing has framed the first annual China International Import Expo as a sign of its commitment to open markets despite mounting criticism to the contrary and the worsening trade war with Washington, which has seen both sides impose punitive tariffs on billions of dollars of goods.
"He repeated a lot of the planned policies we have already heard in the past few months,” said Sue Trinh, head of Asia FX Strategy at RBC Capital Markets in Hong Kong.