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CNBC - 04 November 2020
China’s Xi says country will speed up trade talks with EU, Japan and South Korea
By Evelyn Cheng
- ″(We will) speed up negotiations of the China-EU investment treaty, and the China-Japan-ROK free trade agreement,” Chinese President Xi Jinping said Wednesday in Mandarin, according to an official translation.
- The Chinese leader was speaking via video at the opening ceremony of the third China International Import Expo, just about 12 hours after U.S. presidential election polls closed.
- Xi did not specifically mention the U.S. in his remarks, and spoke broadly of China’s intentions for further opening up the domestic economy to foreign businesses.
In a major speech on Wednesday, Chinese President Xi Jinping talked up his country’s plans for playing a greater role in global trade, without mentioning ongoing tensions with the U.S.
“We will work for the early signing of the Regional Comprehensive Economic Partnership (RCEP), and speed up negotiations of the China-EU investment treaty, and the China-Japan-ROK free trade agreement,” Xi said in Mandarin, according to an official translation.
The Chinese leader was speaking via video at the opening ceremony of the third China International Import Expo, about 12 hours after U.S. presidential election polls closed. Xi did not specifically mention the U.S., with whom China has been locked in trade tensions for more than two years.
RCEP is set to be the world’s largest trade agreement, if 15 Asia-Pacific countries sign the deal later this year, as expected.
The EU and China have been working on their own investment agreement, but slow progress on the negotiations so far have dimmed hopes of a deal by the end of the year. Talks between Beijing and U.S. allies Japan and South Korea have also been drawn out.
On Wednesday, Xi ran through a list of ways in which China would open its market further to foreign businesses and improve the local operating environment. The initiatives, which have mostly already been announced before, ranged from improving intellectual property protection to reducing restrictions on imports of technology.
“Our aim is to turn the China market into a market for the world, a market shared by all, and a market accessible to all,” Xi said.
Xi added that China will take an active role in the reform of the World Trade Organization and cooperation with the United Nations, G-20, and other international organizations. He called for countries and companies to work together in the wake of the coronavirus pandemic.
Covid-19 first emerged late last year in the Chinese city of Wuhan, before accelerating its spread domestically at the start of this year. The outbreak stalled within China, but has since turned into a global pandemic.
While the world economy faces contraction this year as a result of the pandemic, China is set to be the only major economy to grow, according to the International Monetary Fund.
The first China International Import Expo kicked off in 2018 in a bid to portray the world’s second-largest economy as a buyer, rather than producer and seller, of global goods.
Chinese imports in yuan terms are down 0.6% during the first three quarters of this year from a year ago, while exports are up 1.76% during that time, according to official figures.
The expo said more than 100 brands from the U.K. would participate this year. It was not immediately clear how many American companies were joining. Official materials on the expo website indicated participants included GE, Qualcomm, Cargill, Edwards Lifesciences, Pfizer and Eli Lilly.
Foreign leaders from Pakistan, South Africa, Chile, Uzbekistan, Serbia, Spain, Papua New Guinea and Hungary were also slated to speak at the opening ceremony via video.