External Content

The following content is sourced from external partners. We cannot guarantee that it is suitable for the visually or hearing impaired.

Chinese President Xi Jinping speaks at the closing session of the National People's Congress (NPC) at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Damir Sagolj

(reuters_tickers)

By Kevin Yao

BOAO, China (Reuters) - Chinese President Xi Jinping on Tuesday promised to open the country's economy further and lower import tariffs on products including cars, in a speech that comes amid rising trade tensions between China and the United States.

Xi also said China would raise the foreign ownership limit in the automobile sector "as soon as possible" and push previously announced measures to open the financial sector.

"This year, we will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products," Xi said at the Chinese Boao Forum for Asia in Hainan province.

The comments sent U.S. stock futures, the dollar and Asian shares higher.

They come amid rising trade tensions between China and the United States following a week of escalating tariff threats sparked by U.S. frustration with China's trade and intellectual property policies.

Xi said that China will take measures to sharply widen market access for foreign investors.

China will also speed up opening of its insurance sector to foreign investors, Xi said.

(Reporting by Kevin Yao; additional reporting by Michael Martina; writing by Elias Glenn; Editing by Robert Birsel and Sam Holmes)

Neuer Inhalt

Horizontal Line


swissinfo EN

Teaser Join us on Facebook!

Join us on Facebook!

subscription form

Form for signing up for free newsletter.

Sign up for our free newsletters and get the top stories delivered to your inbox.







Click here to see more newsletters

Reuters