China seeks to rebrand global image with import expo

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Evidence of this is the launch of the inaugural import expo. China, the top global exporter, plans to become a major importer.

"It is our honest commitment to open the Chinese market", Xi said in an address opening the event in Shanghai.

"India has built a pavilion at the expo highlighting its focus areas of agricultural products, pharmaceuticals, information technology and tourism", Prashant Lokhande, Counsellor Economic and Commerce of the Indian Embassy here said.

The event is being attended by several foreign heads of government including Russian Prime Minister Dmitry Medvedev and Pakistani premier Imran Khan.

China has further simplified negative list of foreign investments, reduced investment limits and lifted the level of free investment.

The chamber noted that Xi briefly mentioned removing caps on foreign investment in education and medical services, and support for accelerating negotiations on an EU-China investment agreement, calling them "potentially significant".

He said there was every reason to be fully confident in the future of the Chinese economy, which in recent years has slowed down. "I don't think this is in the DNA of Xi Jinping's China".

Ma also said the government should not worry about innovation, which it should back even if it threatened old, vested interests.

Emphasing on the significance of economic globalisation, he added, "Economic globalisation is an irreversible historical trend and provides strong momentum for the world economic development".

This change will greatly change the infrastructure of the enterprises and the economic ecosystem.

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Xi's latest commitment to abide by world trade practices was light on specifics, however, and it remained to be seen whether it will satisfy an increasingly impatient foreign business community.

"All in all, the favourable conditions are in place for the long-term, healthy and steady growth of the Chinese economy", Xi said.

The European Union, which shares US concerns over China's trade practices if not Trump's tariff strategy to address them, 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.

Trump has been insisting that China should cut down United States dollars 375 billion trade deficit by providing more access to the American goods by ensuring IPR protection.

His remarks at the event came hours after Chinese President Xi Jinping slammed a "winner-takes-all" approach to worldwide trade.

A handful of countries are being represented by a single exhibitor selling one product.

The expo will be held between November 5 to 10 in Shanghai.

"CIIE is a major initiative by China to pro-actively open up its market to the world", Xi said.

Twelve countries - Brazil, Canada, Egypt, Germany, Hungary, Indonesia, Mexico, Pakistan, Russia, South Africa, Vietnam and the United Kingdom - will be the "Guest of Honour" at the mega business event.

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