China's Xi promises to raise imports amid trade row with U.S.

The China International Import Expo, slated to be held annually will run for six days from Nov 5 to 10

China's Expo attracts 1000 firms from Belt and Road countries

The Nov. 5 to Nov. 10 China International Import Expo, or CIIE, brings thousands of foreign companies together with Chinese buyers.

President Xi Jinping echoed previous pledges to open up China's market and lower tariffs as he opened a weeklong trade expo in Shanghai on Monday.

Foreign governments and businesses were hoping Chinese President Xi Jinping would use the opening of China's first worldwide import expo to make specific announcements about reforms for trade and investment.

Trump, who is expected to meet Xi at the G20 summit in Argentina later this month, said on Monday China wants to make a deal.

China has a massive trade deficit with nearly every country in the world, with the value of its exports far exceeding the value of its imports. Wang was speaking at the Bloomberg New Economy Forum in Singapore, and added that trade was the "anchor and propeller of China-U.S. relations".

The expo, themed "New Era, Shared Future", will run until November 10. This decision will spell a scent of progress among worldwide companies doing business in the country, especially at the time when trade tensions between China and the United States have been at an all-time high.

China has cut tariffs and announced other measures this year to boost imports, which rose 15.9 percent in 2017 to $1.8 trillion.

Beijing has framed the first annual China International Import Expo as a sign of its commitment to open markets despite mounting criticism to the contrary and the worsening trade war with Washington, which has seen both sides impose punitive tariffs on billions of dollars of goods.

Watchers say while President Xi's speech covered important issues like free trade and intellectual property protection, . everything will fall on deaf fears unless Beijing backs up its words with concrete actions.

"Swiss wealth is entirely created by open borders and trade, and that can serve as a lighthouse to other countries", Mr Franz said at the same discussion.

The company will not only set up a silk processing factory at the Export Processing Zone in Athi River but will also establish a silk farm.

Although the event was meant to gather foreign companies to woo Chinese consumers, global brands from Adidas to Wal-Mart, Procter & Gamble to Uniqlo, were sending only country heads - or no senior executives at all.

Xi also promised to accelerate opening of the education, telecommunications and cultural sectors.

He also sought to allay concerns about the continued slowdown of Chinese economy, saying that there is every reason to be fully confident about it.

Since then, officials of the two countries held several rounds of talks for India to export its agricultural products like sugar and rice as well as its pharmaceuticals and IT in which the country has an upper hand in the global exports. The Organization for Economic Cooperation and Development ranks China 59 out of 62 countries in terms of openness for foreign direct investment.

China marks the 40th anniversary of reform and opening up this year.

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