disruptpress efi
Finance

Xi Jinping set to speak at expo as China promotes itself as an importer amid trade war

China’s President Xi Jinping delivers a speech during the opening of the Boao Forum for Asia (BFA) Annual Conference 2018 in Boao, south China’s Hainan province on April 10, 2018.

AFP | Getty Images

SHANGHAI — Chinese President Xi Jinping was expected to speak Tuesday at the opening ceremony of the second China International Import Expo.

China launched the first import expo last November in a bid to promote the country as a buyer of the world’s goods, in contrast to the longstanding perception of it primarily being a manufacturer. The world’s second-largest economy is also trying to rely more on domestic consumption amid a slowdown in its growth rate. Imports in U.S. dollar terms fell 8.5% in September, more than expected. Exports also dropped a disappointing 3.2%.

Portraying itself as an importer also helps China in ongoing trade talks with the U.S.

One of the sticking points of the dispute is the U.S. trade surplus with China. Beijing has said it will increase purchases of American farm products as both sides seek some temporary resolution in the tensions.

John Deere, General Motors, Tesla, Ford, Honeywell International, GE and Thermo Fisher Scientific are among the companies attending this year’s import expo, according to a list on the event website.

American companies will have the largest exhibition space of any country at this year’s expo, according to China’s Ministry of Commerce. The ministry said that 192 U.S. companies will attend, up from 174 last year.

That said, the American Chamber of Commerce in Shanghai said in its 2019 China business report that more than two-thirds of its members did not think participating in the expo was very important. A possible reason for the lack of interest was many members manufacture in China, the chamber said, noting only a quarter of its members intend to participate this year.

Products You May Like

Articles You May Like

How Bitcoin Fits In A Retirement Portfolio
Medicare Could Be Insolvent In 2024: How To Prevent It
Delinquent Student And Non Fraud Past Felons Can Now Receive PPP Loans
Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%
Mansion Hunting: What $10 Million Buys In Hawaii, Hong Kong And Santa Barbara

Leave a Reply

Your email address will not be published. Required fields are marked *