China Daily: Expo a vote of confidence in open global economy
China Daily |
Updated: 2018-10-30 17:31
Those attending the first China International Import Expo will find that China's pursuit of opening-up in greater breadth and depth will bring immense opportunities for them, a China Daily editorial reported.
To be held from Nov 5 to 10 in Shanghai, the expo will serve as platform to strengthen cooperation in international free trade and act as a confidence booster for economic globalization and a counterstrike against protectionism.
China has said it will import products and services with a value of over $10 trillion over the next five years, and the expo has attracted more than 3,000 companies from over 130 countries and regions keen to take advantage of the opportunities it presents.
China has promised to cut import tariffs for more than 1,500 industrial goods starting in the upcoming November, which will bring the overall tariff rate down to 7.5 percent, a lower-middle level by international standards. It also plans to further open up its financial services sector after lifting curbs on foreign ownership of auto producers.
Despite the challenges it faces, China remains the world's largest and most vibrant consumer market with limitless potential. Foreign direct investment increased over 6 percent in the first eight months of this year. That explains why most of China's trade partners, except the United States, which is having a bit of a hissy fit at the moment, have decided to send high-profile delegations to the expo.
Those attending the first China International Import Expo will find that China's pursuit of opening-up in greater breadth and depth will bring immense opportunities for them, a China Daily editorial reported.
To be held from Nov 5 to 10 in Shanghai, the expo will serve as platform to strengthen cooperation in international free trade and act as a confidence booster for economic globalization and a counterstrike against protectionism.
China has said it will import products and services with a value of over $10 trillion over the next five years, and the expo has attracted more than 3,000 companies from over 130 countries and regions keen to take advantage of the opportunities it presents.
China has promised to cut import tariffs for more than 1,500 industrial goods starting in the upcoming November, which will bring the overall tariff rate down to 7.5 percent, a lower-middle level by international standards. It also plans to further open up its financial services sector after lifting curbs on foreign ownership of auto producers.
Despite the challenges it faces, China remains the world's largest and most vibrant consumer market with limitless potential. Foreign direct investment increased over 6 percent in the first eight months of this year. That explains why most of China's trade partners, except the United States, which is having a bit of a hissy fit at the moment, have decided to send high-profile delegations to the expo.