China pledges to open domestic market more

New Delhi/Shanghai: China would open its domestic market further and deepen bilateral, multilateral and regional cooperation.

President Xi Jinping took the pledge to do this while announcing a fresh round of reforms in a video speech at the opening ceremony of the third annual China International Import Expo in Shanghai.

“Our aim is to turn the China market into a market for the world, a market shared by all, and a market accessible to all” said Xi on Wednesday.

“We should not be self-centred. We oppose unilateralism and protectionism”, he said in an apparent criticism of the US for pursuing unilateralism and protectionism in trade.
In recent months tensions between the US and China have escalated over several economic and security issues as well as the spread of the novel coronavirus weighing on both external and domestic demand.
China’s economy faced a severe downturn in the first quarter of this year and it is slowly recovering.

To achieve the goal, Xi called for nurturing new pacesetters of opening up, growing foreign trade innovatively, improving business environment, and deepening bilateral, multilateral and regional cooperation.

He said, the country will continue to leverage the pioneering role of pilot free trade zones and free trade ports in steering opening up, introduce a negative list for cross-border services trade and open still wider in areas like the digital economy and the internet.

The catalogue of technologies prohibited or restricted from import will be shortened, foreign-related legal framework will be more open and transparent, and intellectual property protection will be strengthened, according to Xi.
He further said China stands ready to sign high-standard free trade agreements with more countries, and will work with related countries to promote high-quality Belt and Road cooperation.

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