Chinese President Xi Jinping stands up for globalisation and free trade at Asia’s Davos
Lifting restrictions on foreign equity investments in Chinese financial firms, removing enforced partnership rules for carmakers among pledges made at Boao Forum for Asia
Chinese President Xi Jinping on Tuesday vowed to further open the nation’s economy and rallied support for globalisation in a bid to position himself as a leader in promoting international cooperation and free trade amid the threat of a trade war with the United States.
China’s earlier promises of removing foreign equity stake caps in banks, securities firms and insurance would be realised before the end of 2018, he said.
China would also lift foreign ownership restrictions in the car industry, he said, a clear hint that firms such as Tesla might soon be allowed to set up wholly owned plants in China without needing a local partner.
Xi also added that China would significantly lower import tariffs on foreign cars.
The promise came a day after Trump tweeted to complain about car trade with China, saying the US only imposes tariffs of 2.5 per cent for a Chinese vehicle while Beijing imposes charges of 25 per cent for American cars.