China plans to lower imports duties and stimulate trade | Finance and Markets

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China will make even greater efforts to increase imports and expand its markets, according to the President Xi Jinping in Shanghai. He made such statement during the opening of the International Exhibition of Imports.

“China’s door will never close, it will open more and more”, said the Chinese President to the foreign leaders and personalities such as International Monetary Fund chief Christine Lagarde and Microsoft founder Bill Gates.

The exhibition is considered to be the Chinese response to the trade war launched in July by the US President Donald Trump, unhappy with the huge US trade deficit with China. China will continue to open to the world in the fields of education, telecommunication and culture and will also protect the interests of foreign companies, the president said. There will be punitive measures for intellectual property violations, he added.

Xi Jinping and Donald Trump are expected to meet at the end of the month at the sidelines of an international forum in Argentina.

Last week, China had been called to expand access to its markets. In an article published in the Chinese press, the ambassadors of France and Germany urged Beijing to ensure fair competition for foreign companies.