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Xi Calls for Open World Economy

BEIJING – Chinese President Xi Jinping spoke at the opening ceremony of second China International Import Expo (CIIE) in Shanghai calling for an open global economy.
“Distances between countries are shortening, and there is growing contact between countries, hence the probability of differences and frictions,” he said.
“We must stand up to protectionism and unilateralism. We need to continuously break down barriers to trade, leverage international pricing and supply chains, and promote market demand together.”
This is the second CIIE and it had the theme “New Era, Shared Future.”
Xi said that China is going to keep opening up its market. China has a population of 1.4 billion, and the world’s largest middle-income population.
“The enormous Chinese market is pointing to an unlimited potential,” he said.
“We will continue to lower tariffs and institutional transaction costs, develop demonstration zones to facilitate innovative import trade, and import more high-quality goods and services from around the world.”
China will also accelerate the construction of the Free Trade Port of Hainan and continue to implement integrated regional development strategies for the Beijing-Tianjin-Hebei area.
A plan for the region’s integrated development was implemented as a national strategy in the Yangtze River Delta region. A Foreign Investment Law will come into force at the national level on January 1 next year.
The Yangtze River Economic Belt, the Yangtze River Delta region and the Greater Bay Area of Guangdong-Hong Kong-Macao.
“With respect to IP security, we must foster an atmosphere that respects information, enhances the legal framework, enhances law enforcement, and enhances safety across civil and criminal justice systems,” he said.
China should continue to advance its Belt and Road initiative. To date, China has signed with 137 countries and 30 international organizations 197 documents on Belt and Road cooperation.
Xi also noted progress on China’s targets set at last year’s conference, including that the Shanghai Pilot Free Trade Zone now has a special Lingang region, and six new pilot free trade zones have been developed in other provinces of the country.
(Sahar News Monitoring Desk)

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