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Most stupid thing: Alibaba's Jack Ma on US-China trade war

05 November 2018

Mr Xi was speaking at the China International Import Expo which is aimed at promoting China as an open economy that's keen to purchase goods from other countries.

While Xi pledged to import US$30 trillion of good over the next 15 years - up from US$24 trillion in previous estimates - his policy initiatives were largely in line with previous statements.

Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries. "Trade is to communicate. nobody can stop free trade".

Xi also announced that a "tech board" would be established in Shanghai to rival Hong Kong and the Nasdaq so that China's start-ups can raise funds from the capital market more easily.

Protectionism will "result in trade stagnation" and "hurt the global economy", Xi said, as China and the United States under President Donald Trump are engaged in tit-for-tat rounds of punitive tariffs on hundreds of billions of dollars of each other's imports.

He said, "Multilateralism and the free trade system is under attack, factors of instability and uncertainty are numerous, and risks and obstacles are increasing".

The visist comes on the heels of some unease after President Uhuru hinted at protective tarriffs agaisnt Chinese fish exports to Kenya with Beijing ambassador to Kenya talking of a trade war.

Xi said China would "step up" efforts to stimulate imports, lower tariffs, ease customs clearance procedures, and implement harsh punishments for intellectual property infringements, though he was light on specifics. But he said companies need to see enforcement "before we know if this commitment is real".

William Zarit, chairman of the American Chamber of Commerce in China, said he was hoping for more change.

"Now that it is the world's second-largest economy, China can afford to open its doors all the way", Jarrett said.

Niels Christiansen, chief executive of Danish toymaker Lego, said the Chinese president's speech was important in light of "challenges to global trade".

"I never see young people worry about technology".

"All countries should strive to improve their business environment and solve their own problems", Xi said. "They shouldn't always paint themselves (as perfect) and point their fingers at others, always shining a spotlight on others but not themselves". The two leaders discussed how to strengthen trade and investment ties between Kenya and China.

As tensions have grown with the US, China has stressed its role as a major trade partner with other countries.

The EU Chamber of Commerce last week urged Xi to "move past the rhetoric" on trade and put in place real and significant opening measures.

Washington now considers that "it's time to take more seriously the role of China not just as a feisty competitor but as an adversary in things that are existential like technology and military", he said.

Foreign businesses in China reacted to Xi's speech with caution, saying they are more interested in seeing the government act than continue to feed them with promises.

Since then, officials of the two countries held several rounds of talks for India to export its agricultural products like sugar and rice as well as its pharmaceuticals and IT in which the country has an upper hand in the global exports.

He believes that economic globalization is an irreversible historical trend and provides strong momentum for the world economic development. "It is a historic trend because its development won't be swayed by human will".

Most stupid thing: Alibaba's Jack Ma on US-China trade war