Xi's pledge to open market unrelated to trade spat: Beijing

China’s President Xi Jinping and US President Donald Trump at a dinner in the Great Hall of the People in Beijing last November

China has already slapped tariffs on 128 U.S. products, including wine and pork, totalling to United States dollars 3 billion in retaliation to Trump's move to impose tariffs on steel and aluminium. Xi also used the speech to address global security and development, saying that "Cold War mentality and zero-sum games are becoming increasingly obsolete and outdated".

Xi Jinping filled his speech at an annual business summit on Tuesday with aphorisms about hard work and openness.

Trump responded in a tweet saying he was "thankful" for Xi's remarks on tariffs and access for USA automakers, and said both countries would "make great progress together".

"We believe export growth will slow due to yuan appreciation and rising trade tensions.China's imports could be more resilient than exports in our view as China has pledged to increase imports", Wang said.

The speech at the Boao Forum for Asia in the southern province of Hainan had been widely anticipated as one of Xi's first major addresses in a year in which the ruling Communist Party marks the 40th anniversary of its landmark economic reforms and opening up under former leader Deng Xiaoping. United States officials have long accused China of forcing USA companies to hand over technology, or stealing it outright, and of spurring massive industrial overcapacity, among other complaints.

Xi also promised to open up China's shipbuilding and manufacturing sectors, though Andrew Collier, the managing director of Orient Capital Research, noted that manufacturing had been relatively accessible to foreign investors since China joined the World Trade Organisation in 2001.

The ongoing trade frictions with the United States will have limited negative influence on the Chinese macro economy, experts said. "Xi's bland and generic commitments on IP protection fell short of what would have been a true gamechanger".

More news: Photos from Winnie Mandela's funeral in South Africa

The State Council Information Office, which represents China's central government, didn't reply to faxed questions Monday on US trade talks.

Trade talks between the world's biggest economies broke down last week after the Trump administration demanded that China curtail support for high-technology industries, a person familiar with the situation said, signaling that a resolution may be some ways off.

Xi's top economic adviser, Vice Premier Liu He, told a group of officials last Thursday that Beijing had rejected a U.S. request to stop subsidizing Made in China 2025 industries and wouldn't initiate further talks, the person said. Beijing denies this charge.

Gao repeated complaints that Trump acted improperly when he responded to Beijing's protest over his plan to raise tariffs on $50 billion of Chinese goods by saying he might add another $100 billion of imports to the list. None of the announced duties have been implemented yet, offering room for negotiation.

"China seems to have gotten a lot of mileage from Xi's rote statements and minor concessions that Trump has turned around and spun as evidence of his deal-making prowess", said Eswar Prasad, a senior professor on trade policy at Cornell University in the U.S. and senior fellow at the Brookings Institution. In that speech he framed China as the world's new champion of free trade in an implicit rebuke to Trump.

The trade surplus with the United States contracted 13 percent from a year earlier, while China's global trade balance swung to a $5 billion deficit.

"I think it's so clearly in the interest of both countries that we have a constructive trading relationship and that we have substantive talks to redress these issues".

Related News:

  • Body found amid search for SoCal family after SUV swept into river

    Body found amid search for SoCal family after SUV swept into river

    A family of four is missing in California, and authorities fear they may have driven into the Eel River while on a road trip. The 31-metre drop killed the women, both 39, and their children Markis Hart , 19; Jeremiah Hart , 14; and Abigail Hart , 14.
    Names of destructive 2017 storms retired

    Names of destructive 2017 storms retired

    The practice of naming Atlantic hurricanes dates back to the 1950s, though only female names were used between 1953 and 1978. Irma lashed the Caribbean and the US, making seven separate landfalls as it tore across the islands and the Southeast US.
    Soon you will be able to download your Instagram data

    Soon you will be able to download your Instagram data

    You can do this by either swiping inward from the left side of Instagram or by tapping on your avatar in the Stories section. Moving away from the new camera mode, Stories' users will now also have access to a new user mention sticker.
  • Backpage CEO pleads guilty to conspiracy, money laundering charges

    Backpage CEO pleads guilty to conspiracy, money laundering charges

    Lacey is scheduled for a detention hearing Wednesday in federal court in Arizona, followed by Larkin on Thursday. Ferrer's guilty pleas were filed in state courts in California and Texas, as well as in federal court in Arizona.
    Are You Prepared for Another Ice Storm?

    Are You Prepared for Another Ice Storm?

    The weather agency says a fast-moving low pressure system will cross Southern Ontario Thursday, bringing an area of rain with it. Also , especially close to Wisconsin Dells and areas north and west, some ice accumulation is possible over the next few days.
    Uber's New Bid for Dominance: Controlling Every Way You Move

    Uber's New Bid for Dominance: Controlling Every Way You Move

    So far, the program through Getaround has been targeted at Uber drivers who can pay for cars by the hour then pickup fares. Users will be able to find and unlock an available vehicle from their phones using wireless technology.
  • LG Report: Andrew McCabe Repeatedly Leaked And Lied About It

    LG Report: Andrew McCabe Repeatedly Leaked And Lied About It

    The president went as far to say the two of them were the same person and calling the agency a "den of thieves and lowlifes". He said he was authorized to share the information with reporters and had not intentionally misled anyone.
    Bruce McArthur now charged with seven counts of first-degree murder

    Bruce McArthur now charged with seven counts of first-degree murder

    He is scheduled to return to court April 25 to find out whether any more evidence has been turned over to the defence. Idsinga said police are now re-examining 15 cold cases dating back as far as 1975 in their investigation.
    League Veteran Andre Ingram Drops 19 in NBA Debut

    League Veteran Andre Ingram Drops 19 in NBA Debut

    He is the active leader in games played and minutes played, while also ranking near the top in rebounds, points and steals. Ingram and his Lakers will wrap up the season this evening against the Clippers before officially beginning the offseason.
  • GCMS softball wins 11-5 over Lexington/Ridgeview

    GCMS softball wins 11-5 over Lexington/Ridgeview

    You have to go back to 2014 to find the last time a league school handed the CL powerhouse a five-inning loss. I knew all the people we had returning", Crowe said. "The first win was big for the 'Cats", said Shumaker.
    Novichok Was Used in Skripal Attack, Chemical Weapons Watchdog Confirms

    Novichok Was Used in Skripal Attack, Chemical Weapons Watchdog Confirms

    The purity makes it hard to tell when the agent was manufactured, since without impurities it does not degrade over time. However, nowhere does the OPCW's report assign blame for the incident or even identify the source of the agent.
    Mohamed Salah: Liverpool forward urged to reject Real Madrid interest

    Mohamed Salah: Liverpool forward urged to reject Real Madrid interest

    Liverpool boss Jurgen Klopp named a much-changed side for today's Merseyside derby, but insists there are no long-term injury worries.


Most liked

NZ slams door on oil, gas
It certainly has nothing to do with climate change ", Young said. The National Party said the move was " economic vandalism ".

Wolves' Playoff Drought - NBA's Longest - Is Finally Over
In between those misfires, Jimmy Butler and Andrew Wiggins combined to go 5-of-6 from the line to finish off the victory. Behind Chris Webber's double-double (23 points, 17 rebounds), the Bullets defeated Cleveland by a final score of 85-81 .

With Paul Ryan Gone, the GOP Prepares to Eat Itself Alive
Scalise brushed aside reports that he's preparing a run for the job following Ryan's surprise retirement announcement Wednesday. House Speaker Paul Ryan's announcement Wednesday that he would not seek re-election triggered a battle for the position.

In new book, Comey says Trump is 'untethered to truth'
The website , which links to several interviews where Democrats criticize Comey, also tries to defend Trump's decision to fire Comey.

Kevin Durant set to decline 2019 player option with the Warriors
Another NBA Finals victory would be the second of Durant's career and second since he's played for Golden State. In addition, Stephen Curry will be out at least one round while recovering from a sprained MCL.

U.S. relationship with Russian Federation worse than Cold War era
As usual, US President, Donald Trump took to twitter minutes ago to address three issues in a series of tweets. Russian Federation needs our help with their economy, and that it would be very easy to do.

Khloe Kardashian gives birth to baby girl amid cheating scandal
Tristan Thompson #13 of the Cleveland Cavaliers looks to the scoreboard during the second half at Quicken Loans Arena Wednesday. The gossip site reports that Tristan was there as were her sisters Kourtney and Kim , mum Kris, and Khloe's best friend Malika.

OnePlus 6 revealed completely in mobile case listing renders
Prior to its launch, the OnePlus 6 is taking an interesting turn when we consider rumors and leaks related to the upcoming device. However, the notch hiding feature will be added in future by OnePlus, it won't be available at the time of the launch.

Logan Boulet, Humboldt Broncos Player, Inspires Organ Donations After Death
The students share with me how the campaign became personal as Ashley Panahagahi has family members in need of organ donation. Six people are set to benefit from organ transplants following Boulet's death, including those needing a new heart and lungs.

Colombia Arrests Former Marxist Rebel Leader on US Drug Trafficking Charge
After the Revolutionary Armed Forces of Colombia disarmed past year , the group announced the formation of a political party. The FARC long funded their insurgency by leveling a "war tax" on cocaine moving through territory the rebels dominated.

Royal countdown begins: Kate and William won't know baby's gender until birth
The exclusive Lindo Wing doesn't come cheap and the Duke and Duchess will fork out more than £5,000 per night for their stay. Kensington Palace has said the baby is due in April and experts think it is more likely to be towards the end of the month.

EU to back €2.1bn fund for European start-ups
An executive from the institution tasked with overseeing European regulation is offering new praise for blockchain technology . It plans to allocate around Euro 300 million more to blockchain by 2020.

Guardiola has work still to be done at City
UEFA says Guardiola has been charged with "improper conduct" and "dismissal from the bench" during Man City's 2-1 loss on Tuesday. He argued that if this wrong decision was not made the game could have had a different scenario.

Apple Cofounder Is Quitting Facebook Amid Privacy Concerns
Wozniak said that Facebook doesn't protect its users' data the way Apple does, and instead profits from its user's information. Wozniak announced he's shutting down his Facebook account amid the worst privacy crisis the social media company has faced.

Burglary Suspect Arrested After Police Chase
Paramedics also treated and transported his passenger to the hospital in stable condition after she sustained an ear injury. Kansas City, Missouri police said around 4 p.m., a white truck struck an occupied police auto near 34th and Lawndale.