China’s Xi Jinping touts free trade and openness in veiled swipe at Donald Trump
Business, Markets

China’s Xi Jinping touts free trade and openness in veiled swipe at Donald Trump 

Last updated on December 3rd, 2018

The battle over trade between the USA and China has got its level up with the Chinese president Xi Jinping’s claiming China a champion of free trade and globalization. Besides, the president negatively remarked on the “protectionism”.

To make his stand more clear against the typical notion (one of the world’s most protectionist nations) of the world about China, Mr Xi Jinping held a week-long trade expo in Shanghai. On Monday,  the Chinese president made a remarkable statement- “Openness has become a trademark of China.”

He added that other countries should also aim at being more open and cooperative so that the world can become a progressive and better place. He further emphasized on being courageous and active while practicing openness and supportive attitude, because according to him, “…seclusion leads to backwardness.”

Experts explained China’s open economic move towards foreign firms and investors as a comparatively slower change. And the US simply blamed Beijing as all talk and little action. Another thing that became prominent under the Trump administration is their voice against unfair trade practices. Since the trades of Chinese products are still prevailing in the US market, the US administration takes the strict step of imposing taxes on Chinese commodities worth $200+ billion. They even increased the amount of their severity by curbing the key exports to Chinese companies. Besides, the US charged Chinese nationals as intellectual property theft.

The Chinese president mentioned three terms  “protectionism”, “isolationism” and “the law of the jungle” while saying that other countries “should not just point fingers at others to gloss over their own problems”.

He further added countries who are accentuating others’ flaws ignoring their own. This 30-minute speech about the constant error finders delivered by Mr Xi in less than 2 days before the significant US midterm elections. So, chances are high that the result would change the success rate of Mr Trump’s policy, the ultimate approach of Washington towards China.

The Chinese president casually spoke on the subject of intellectual property theft and expressed his desire of seeing the wrongdoers penalized more intensely. The leading objection from the Western states and international organizations who are trading with China is theft of commercial secrets.

This autumn, the US Justice Department accused the Chinese citizens of stealing commercial secrets from US military contractors. To cope up with this increased tensions with the US govt. following the situation, China is finding new partners from the other states.

From the website of the 7-days long international import expo event, which started with the president’s address, it is known that over 3,600+ companies from 170 countries and regions are participating.

A special term namely “guests of honour” is credited on 12 countries at the trade fair. They are Russia, the UK, Canada, Germany, Brazil, Egypt, Hungary, Indonesia, Pakistan, South Africa, Vietnam, and Mexico.

Again, outside the dominant Western lands, the 18 rulers of the state were slated whereas the Trump administration was boycotting the event, declining to assign senior state officials. Among the big names who came in as the audience in the expo were Bill Gates, founder of Microsoft, and  Christine Lagarde, the head of the International Monetary Fund.

The Chinese president understood the depth of the situation and mentioned the challenges the Chinese economy was facing and also claimed the govt.’s capacity to deal with the circumstances mimicking Beijing’s belief. Again, he put forward his idea of creating a  free trade port on the Chinese island of Hainan. His speech also introduced progress in cultural, education, and telecoms sectors. China isn’t allowing foreign firms on these sectors, however!

 

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