Wainwright Marks Management - China President to Increase Imports
November 08, 2018 (PRLEAP.COM) Business NewsAt a recent trade expo held to show good will as trade tensions between China and the US escalate, Chinese President Xi Jinping pledged to reduce tariffs, widen market access and increase imports.
Analysts at Wainwright Marks Management say the China International Import Expo, or CIIE, attracts thousands of international firms and unites them with Chinese buyers in an effort to show the importing power of the world's second largest economy.
In a speech that largely reiterated previous promises made by Xi, the Chinese president stated that China would move to open the telecommunications, cultural and education sectors more quickly while also taking steps to offer international firms greater protection and to punish infringements of intellectual property rights.
Wainwright Marks Management analysts say Xi expects China to import goods to the value of $30 trillion and services worth $10 trillion over the next decade and a half. This is significantly higher than the $24 trillion worth of goods Xi had estimated last year.
US President Donald Trump has recently attacked China for what he deems to be intellectual property rights infringements and an unacceptably high trade deficit.
While Xi stated that the expo demonstrates China's willingness to boost global free trade, George Peterson, Director of Private Clients at Wainwright Marks Management says many international companies are losing faith in China's promises of reform. Although international trading partners are not in favor of Trump's heavy trade tariffs, many have cautioned that China would face consequences if it does not meet the openness in trade of other countries.