About 3,600 companies from more than 170 nations, regions and global groups are taking part in the country's first national-level expo for imports, the Chinese government said.
Speaking to political and business leaders on Monday in Shanghai, Chinese President Xi Jinping promised that he will make the enormous leap and open the country's trade borders to the rest of the world.
Professor Shen Guobing from the School of Economics at Fudan University in Shanghai told gbtimes.com that China was already moving ahead, as evidenced by the latest World Bank Ease of Doing Business report that saw China jump 32 places to rank 46th among the world's economies past year.
"China's economy is truly performing well within the reasonable range, giving us a solid foundation for delivering the development goals for the whole year", Xi said.
The Chinese President forecast $40 trillion in imports of goods ($30 trillion) and services ($10 trillion) over the next 15 years, and continued strong Chinese economic growth. This decision will spell a scent of progress among global companies doing business in the country, especially at the time when trade tensions between China and the United States have been at an all-time high.
Yet the USA government mostly stayed away, even though China said Trump voiced support for the expo in a call with Xi last week.
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China will capitalize on the important role of Shanghai and surrounding areas in opening up, President Xi Jinping said Monday, Xinhua reported. There will also be lower import tariffs and easier market access for overseas firms.
Xi's remarks come at a time of heightened tension between China and some of its biggest trade partners, particularly the United States, which has imposed tariffs on US$250 billion worth of Chinese goods so far.
At the opening ceremony of the expo, Chinese President Xi Jinping is scheduled to make a speech in front of government officials and business leaders from overseas.
A more accessible Chinese market also brings certainty and hope to the troubled world economy, offering dividends and opportunities to all.
"This trade, however, was skewed heavily in favor of China", Kenyatta said, noting concerns similar to those coming out of Washington.
Cabinet Secretaries Peter Munya (Trade and Industry), James Macharia ( Transport and Infrastructure), and Monica Juma (Foreign affairs) are among part of the President's delegation to the Expo. In the agri sector also, China's share in India's exports is less than 2.8%, according to 2017-18 trade figures.
China ranks 59th out of the 62 countries evaluated by the Organization for Economic Cooperation and Development in terms of openness to foreign direct investment. But, he added, it will not change China's reform deficit.