Chinas Xi promises to raise imports amid trade row with U.S.

Chinas Xi promises to raise imports amid trade row with U.S.

The event, which has a United Kingdom delegation led by the trade secretary Liam Fox, is aimed at bolstering access to China for foreign firms but has been overshadowed by the trade spat with Donald Trump.

In an attempt to showcase its commitment to globalisation, willingness to open its market and buy more from other countries, China had made a decision to hold an import fair in the country.

Some entrepreneurs, such as Haitham El Sadany from Egypt, are already exporting citrus fruits to China.

He also claimed that China would import $30 trillion (€26.3 trillion) worth of goods and $10 trillion in services in the next 15 years.

Presidents or prime ministers from 18 countries are traveling to Shanghai for the event, ranging from Russian Federation and Pakistan to the Cook Islands, though none from major Western nations.

China has further simplified negative list of foreign investments, reduced investment limits and lifted the level of free investment.

At present, China's economy remains generally stable and is making good progress, Xi said, citing data including the GDP growth of 6.7 per cent in the first three quarters of 2018.

Under the slogan 'Building and Communicating an Open World Economy, ' participants will evaluate how today's economic news is projected in the world and will exchange ideas to improve its diffusion supported by an objective projection that reflects cooperation and the integration of processes, its organizers foresee.

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Both Bill Clinton and Barack Obama lost control of the House in their first term in office and went on to win re-election. Twenty-five percent described health care and immigration as the most important issues in the election.

China is now viewed as one of the world's top consumer market. Judging by the latest attempt at negotiations, which China canceled in late September, the chances of success for this attempt are as uncertain as ever, although the waiver that Washington proffered to China that will allow it to purchase Iranian crude oil may be some grease on the wheels of a trade agreement.

Some 3,600 companies from 152 countries selling everything from Egyptian dates to German factory machinery are attending the five-day event in Shanghai, the country's biggest business center.

Microsoft founder Bill Gates (right) with World Bank President Jim Yong Kim at the 1st China International Import Expo in Shanghai, Monday.

The inaugural expo comes at an inflection point as China transitions to high-quality development and shifts from the world's workshop to the world's market, with the world's biggest middle-income population demanding higher-quality consumer products.

The trade war, which has seen both sides impose tariffs on billions of dollars worth of the other's imports, is beginning to hurt China's economy and has battered Chinese shares and the yuan currency. Beijing has responded with tariff hikes on $110 billion of American goods. Vice Minister of Commerce Wang Bingnan said the expo will become another important prop for the joint construction of the Belt the Road Initiative, offering new opportunities for foreign countries to expand exports to China.

A handful of countries are being represented by a single exhibitor selling one product.

Though the expo, which would be held till November 10, has evoked much interest in global industry, China is yet to liberalise its import market, officials said.

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