Xi vows to further open China economy as USA trade spat simmers

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The report by the New York-based consultancy and the non-profit business lobby comes at a time of heightened friction between China and the United States over trade, and warns that "policy bellicosity especially from Washington" was casting a darker shadow over the economic relationship. The saying, meant to celebrate China's unique blend of socialism and a market-driven economy, contained another message: that China would continue to play by its own rules.

"President Xi's speech appears to have struck a relatively positive tone and opens the door to potential negotiations with the U.S.in our view".

President Donald Trump on Tuesday praised the "kind words" from Chinese leader Xi Jinping and pledged "great progress" in the looming trade dispute between the world's largest economies.

But US investors and businesses have been hearing most of these promises for at least the past two years.

He added: "Up to now China and the USA has not carried out negotiation at any level on the trade frictions".

Xi said China would raise the foreign ownership limit in the automobile, shipbuilding and aircraft sectors "as soon as possible" and push previously announced measures to open the financial sector. "Xi delivered a masterful, carefully framed, conciliatory response to Trump", Collier said.

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Washington is accusing Chinese firms of stealing the trade secrets of USA companies and forcing them into joint ventures to acquire their technology - the crux of Trump's current tariff threats against China. The list was authorized by the U.S. Trade Representative's office, which in August 2017 initiated an unfounded investigation under the Section 301 of the U.S. Trade Act of 1974 to probe China's intellectual property and technology transfer practices. China has responded with its own $50 billion list of USA goods for retaliation if Washington goes ahead with the increase. Those concerns took a backseat as President Donald Trump asked advisers to explore the possibility of the USA returning to trade talks with 11 Pacific nations to rejoin the Trans-Pacific Partnership. "No, it sounds like STUPID TRADE - going on for years!"

"Under unilateral coercion, it is impossible for the Chinese side to conduct any negotiations", Gao was paraphrased as saying.

One of China's key industrial policies is aimed at replacing foreign technology with domestically made components and establishing Chinese companies as global champions.

Xi made the remarks while meeting with incumbent and incoming members of the Board of Directors of the Boao Forum for Asia in the southern Chinese island province of Hainan.

Xi's comments, while offering little, may still be enough to tamp down escalating rhetoric. State media reported that Beijing will allow foreign investment in trust, financial leasing, auto finance, money broking and consumer finance sectors, among other changes due within this year.

Washington has announced the new tariffs in response to accusations that Chinese firms are stealing the trade secrets of USA companies and forcing them into joint ventures to acquire their technology.

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