China will lower import tariffs and increase its imports, Chinese President Xi Jinping said during his speech from the China International Import Expo in Shanghai on Monday.
He reiterated that China will speed up the opening of its education, telecommunications and cultural sectors, while briefly addressing the issue of intellectual property theft, a major complaint among foreign firms about the country.
According to Xi, China is expected to import US$30 trillion worth of goods and US$10 trillion worth of services in the next 15 years.
Last year, Xi estimated that China would import US$24 trillion worth of goods over the next 15 years. China’s imports grew 16% to US$1.84 trillion in 2017. Of that total, about US $130 billion of goods were from the US.
Xi also acknowledged that parts of China's economy are facing challenges and uncertainty right now, but said the government is working quickly to address those.
The speech cam less than 48 hours before the midterm elections in the US. Trump is expected to meet Xi this month, but already said that he’d impose duties on another US$267 billion in Chinese imports if the two countries couldn’t strike a deal.