China pledges reduced tariff barriers

Chinese President Xi Jinping has said that China will facilitate increased imports and take steps to lower tariffs to help promote trade and investment in a move that is set to benefit ports globally.

Speaking at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai he said that efforts to reduce tariff barriers will lead to inter-connectivity in economic cooperation and global trade.

Mr Jinping commented that China would continue to address the potential of the domestic market, explaining the country would “take further steps to lower tariffs, facilitate customs clearance, reduce institutional costs in import, and step up cross-border e-commerce and other new forms and models of business”.

He stressed: “First, we will stimulate the potential for increased imports.

“China’s initiative to expand imports is not a choice of expediency. It is a future-oriented step taken to embrace the world and promote common development.”

He expressed a commitment to open up the Chinese market and stated the CIIE would be held on an annual basis.

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