World holds breath for Xi-Trump meeting

The meeting with US President Donald Trump has not yet taken place. But President Xi Jinping took his opportunity at the G20 summit today to lay out China’s commitment to the next round of its Opening and Reform program, pledging five major initiatives. According to a release from the People’s Daily, these included: 

  1. Further opening 

We are about to release a 2019 edition of the negative list of foreign investment to further expand the opening of agriculture, mining, manufacturing and service industries. Six new free trade pilot zones will be established, and an additional new section in the Shanghai Free Trade Zone, while we will accelerate the process of building a free trade port in Hainan.

  • Expand imports

We will further proactively reduce tariffs, work hard to eliminate trade barriers, and drastically reduce the intermediary costs for imports. We will continue to host the second edition of the China International Import Expo.

  • Improve business environment

We will implement a new foreign investment law on January 1 next year, introduce a punitive damage compensation system, enhance the civil and criminal protection, and improve the protection of intellectual property.

  • Equal treatment for all

We will completely remove the restrictions on foreign investment access outside the negative list. We will treat all registered companies in China equally, establish and improve complaint mechanisms for foreign-funded enterprises.

  • Promote economic and trade relations

We will push forward a regional comprehensive economic partnership agreement, accelerate the negotiation of China-EU investment agreements and the China-Japan-Korea Free Trade Agreement. Read more.

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