Stock Market Rallies As China's President Eases Fears Of Trade War
11 April, 2018, 17:30 | Author: Kristi Dunn
China is quickly developing as a force in areas from renewable energy to electric cars, and is moving closer to mass-producing its own passenger jet planes.
Chinese state media disputed the idea that the planned changes outlined by Xi were a response to the current trade dispute with the United States.
Market reaction also appeared to be muted to data showing China's producer price inflation continued to cool in March, suggesting weaker earnings growth for some firms such as miners and raw materials producers but less margin pressure on companies in the middle of supply chains.
China is a responsible nation, and a constructor of and contributor to the current worldwide system, the president said.
"China's door of opening up will not be closed and will only open wider", said Xi at the Boao Forum for Asia on the southern island of Hainan.
He also pledged to strengthen the protection of intellectual property inside China, which has been a focal point of criticism from the Trump administration, and increase China's imports from other countries by lowering some tariffs. The story so far: after Trump announced a 25 per cent tariff on steel, which account for around $1 billion (Rs 6.4 thousand crore) of China's exports, Beijing hit back with tariffs on 120 American products worth around $3 billion (Rs 19.4 thousand crore), from wine to pork. Beijing fired back with its own $50 billion list of USA goods for possible retaliation.
Foreign ownership restrictions in Chinese banks and financial asset management firms also will be removed.
"President Xi's speech could create a very good platform to launch U.S".
Still, the White House also admonished China to take concrete action on USA complaints about unfair trade practices.
The dispute is likely to end "with a concession from China", said Larry Hu of Macquarie Group in a report.
"We look forward to seeing these strategies elaborated, implemented and bearing fruit", said Lee, according to a transcript issued by his office.
In response, Beijing announced extra tariffs on $50 billion worth of US products, including soybeans and cars.
China'a ambassador to the US, Cui Tiankai, said in Washington on Wednesday that Beijing preferred to resolve the trade dispute through negotiations, but China's official mouthpieces took a tougher stance.
If the two sides can't agree on a solution, the next step could be for Beijing to request a ruling from a panel of trade experts.
Technology companies have made some of the biggest swings on the market during the trade spat.
"I read much of that speech as being about cementing China's regional leadership as an open country fostering free trade and development", Jim McCaughan, chief executive officer at Principal Global Investors, toldBloomberg Television.
The Chinese president did not provide details on how the investment cap would be raised and to what extent the 25 per cent import tariffs on vehicles would be lowered, but Elon Musk, the chief executive of Tesla, the biggest-selling electric carmaker in the USA, reacted quickly to the positive remarks.
Currently, if a foreign automaker operating in China joins hands with a local manufacturer, the former's stake will be limited to 50 percent of the joint entity.
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