China promises to reduce Tariffs and increase Imports

China will lower import tariffs and continue to broaden market access, President Xi Jinping has pledged, raising his estimate for the country’s imports in the coming years at the opening of a symbolic week-long trade expo in Shanghai.

The Chinese President also said he expects China to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years.

Xi Jinping was speaking at the China International Import Expo

The European Union, which shares US concerns over China’s trade practices, on Thursday called on China to take concrete steps to further open its market to foreign firms and provide a level playing field, adding that it would not sign up to any political statement at the forum.

-Noah Harte