China's Opening-Up Policies Spur Confidence, Novartis China Head Says


Shanghai, China - The EU business lobby in China has dismissed President Xi Jinping's latest market-opening pledge as a rehash of earlier unkept promises, saying European companies had become "desensitised" to Chinese vows.

The Nov. 5-10 China International Import Expo, or CIIE, brings thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world's second biggest economy even as China remains embroiled in a trade row with the United States.

The CIIE, a significant move by the Chinese government to further open the Chinese market, has attracted about 2,800 exhibitors from over 130 countries and regions.

Chinese President Xi Jinping is expected to meet US President Donald Trump in Buenos Aires next month, immediately after the G20 leaders' summit, that could lead to a possible truce in the trade dispute.

The company will not only set up a silk processing factory at the Export Processing Zone in Athi River but will also establish a silk farm.

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Iran's Foreign Minister Mohammad Javad Zarif says new American sanctions are an "indiscriminate assault" on his country. That would be about half the daily average China has been importing from Iran since January 2016, trade data showed.

He also claimed that China would import $30 trillion (€26.3 trillion) worth of goods and $10 trillion in services in the next 15 years.

D'Andrea said the expo will definitely help many countries reduce their trade deficits with China, but it will not address the country's internal reform deficit.

International Import Expo opened in the Chinese city of Shanghai on Monday morning.

Microsoft founder Bill Gates (right) with World Bank President Jim Yong Kim at the 1st China International Import Expo in Shanghai, Monday.

China is taking solid steps to expand financial opening-up, continue to advance opening-up in the service sector, deepen opening-up in agriculture, mining, manufacturing, and accelerate the opening-up process of sectors including telecommunications, education, medical treatment and culture, he said.

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The United States and China will hold the top-level diplomatic and security dialogue in Washington on Friday, the U.S. State Department said.

President Xi focused on various issues, such as economic globalization, common efforts to maintain free trade and the multilateral trading system.

India exported pharmaceutical products worth $15.6 billion in 2017-18 but exports to China was only $41 million, a share of 0.2%.

The country has cut tariffs for an array of products including vehicles, consumer products and industrial goods this year, lowering the overall tariff rate on imported goods from 9.8 percent last year to 7.5 percent. "Trade is to communicate.nobody can stop free trade".

China is using the Expo to showcase its willingness to open up its huge market to other countries.

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A U.S. Embassy spokesperson said the Trump administration had no plans to send a high-level representative, adding that "China needs to make the necessary reforms to end its unfair trade practices that are harming the world economy". Wang was speaking at the Bloomberg New Economy Forum in Singapore, and added that trade was the "anchor and propeller of China-U.S. relations".