President Xi Jinping of China suggested that China would make the Chinese market more accessible to U.S. imports after weeks of tough talk from U.S. President Donald Trump.
Mr Xi said Beijing will “significantly lower” tariffs on car imports this year and ease restrictions on foreign ownership in the car industry “as soon as possible”.
He also promised to expand protection of intellectual property – an issue high on the list of US demands – as he ushered in a “new phase of opening up” during the Boao Forum for Asia, his country’s answer to Davos.
Xi appears to be directly responding to President Trump’s two most public complaints: Chinese tariffs on U.S. cars and the theft of U.S. companies’ intellectual property.
Some experts don’t really see President Jinping’s remarks as a real change.
“President Xi’s remarks do not represent a dramatic departure from existing Chinese policy, but rather a reiteration of the same themes Xi has promoted throughout his tenure atop China’s policy making system,” said Chaoping Zhu, global market strategist at JP Morgan Asset Management.
If China drops it’s auto tariffs to meet the U.S. 2.5% level, it would a dramatic reduction from the current 25% level.
China’s commitment to protecting foreign intellectual property has been heard before and little has been done. It remains to be seen if Xi’s newest overture accomplishes anything substantial.
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