Xi Jinping must now meet challenges to deliver on Boao promises
With global protectionism on the rise, the words of the Chinese president herald a new era of openness and reaffirm his commitment to free trade
President Xi Jinping has often spoken of the need for China to open wider its doors to trade and investment. He has been a consistent champion of globalisation and the need to uphold and protect existing international institutions.
Xi Jinping promises to open China’s door wider for foreign investors
This is, after all, the 40th anniversary of China’s opening to the outside world. Behind Xi’s words, but not directly mentioned, was the trade conflict with the United States being driven by its president, Donald Trump.
Xi seized the moment at the Hainan gathering of influential political and business leaders to reiterate his commitment to free trade and globalisation. His message was directed not just at Trump, but the world and was needed at a time of uncertainty.
For China, that means a new era of openness and the four initiatives Xi put forward should put the nation firmly on that course. A promise was made to significantly broaden market access, with landmark measures to be announced this year in services involving the insurance industry and foreign financial institutions, and in car manufacturing.