Chinese President Xi Jinping predicts ‘backwardness’ in US under President Donald Trump

byJokpeme Joseph Omode -
0
Chinese President Xi Jinping delivers a speech at an annual meeting of the Boao Forum for Asia in Boao, in the southern Chinese province of Hainan, in this photo taken by Kyodo on April 10, 2018. (Via Reuters)
Chinese President Xi Jinping has hinted that the series of so-called protectionist economic policies adopted by the US President Donald Trump administration will hold back American development.
Speaking at the Chinese Boao Forum for Asia in Hainan Province on Tuesday, Xi hailed China’s economic reforms and open economy, saying the measures would definitely succeed while stressing that zero-sum thinking and isolationism would lead to “backwardness,” without referring to the US by name.
His remarks come amid a trade war initiated by the Trump administration last month, when the US president imposed heavy tariffs on steel and aluminum imports from China.
China initially cautioned against a trade war even as it signaled its readiness to fight one. Ultimately, Beijing retaliated by imposing tariffs on a range of American goods.
Trump then threatened to impose an additional $100 billion in tariffs on Chinese goods.
In what seemed like a conciliatory gesture, Xi on Tuesday pledged to lower import tariffs on products, including vehicles, and further open the country’s economy.
Trump had on Monday slammed China for imposing 25-percent tariffs on imported cars while the US reportedly maintained 2.5-percent duties.
“This year, we will considerably reduce auto import tariffs, and at the same time reduce import tariffs on some other products,” Xi said.
He also promised to lift restrictions on foreign ownership in the automobile sector “as soon as possible” and push previously announced measures to open the financial sector.
The US stock, the dollar, and Asian shares rose as Xi made the remarks.
Also on Tuesday, the Chinese president said that his country would take measures to sharply expand market access for foreign investors.
He said China would also accelerate opening its insurance sector to foreign investors.
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Jokpeme Joseph Omode

Jokpeme Joseph Omode stands as a prominent figure in contemporary journalism, embodying the spirit of a multifaceted storyteller who bridges history, poetry, and investigative reporting to champion social progress. As the Editor-in-Chief and CEO of Alexa News Network (Alexa.ng), Omode has transformed a digital platform into a vital voice for governance, education, youth empowerment, entrepreneurship, and sustainable development in Africa. His career, marked by over a decade of experience across media, public relations, brand strategy, and content creation, reflects a relentless commitment to using journalism as a tool for accountability and societal advancement.

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