AFP report in The Times of India, Jul 19 2017
Beijing (AFP): Chinese President Xi Jinping has called for an increase in imports and fewer curbs for foreign investors as Beijing comes under pressure from the US and Europe to provide a more level playing field for firms in the country .
Donald Trump has railed against China’s massive trade surplus while the EU and US firms have complained about a lack of access to the huge market. Speaking to a Communist Party committee on financial and economic affairs on Tuesday , Xi called for “expanding imports while stabilising exports“.
China’s leaders trying to transform the economy from areliance on exports and state investment to one driven by domestic demand has led to a slowdown in growth to 26-year lows. Xi said “an open economy“ with fewer curbs to foreign access would serve to “promote balance of payment under the current account“.
Foreign firms in China have long pointed out the obstacles to doing business in the country , where they say domestic companies enjoy distinct advantages.
The large US trade deficit with China was a major talking point for Trump during his poll campaign, when he claimed Beijing had “stolen“ millions of jobs from Americans. He also accused China of manipulating its currency to support its exports.
Xi called for measures to liberalise trade and simplify import procedures while reducing tariffs on certain consumer products. He stressed on keeping the yuan’s value “stable at a reasonable and balanced level“, and steadily pushing it “to become an international currency“.http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Under-pressure-Xi-calls-for-more-imports-open-19072017024028
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