Less tariffs, more imports: China's push for further globalization



Chinese President Xi Jinping told the Boao Forum for Asia on Tuesday that China will significantly lower import tariffs for vehicles and reduce import tariffs for some other products this year.

"We will take the initiative to expand imports," Xi said during a keynote speech at the opening ceremony of the forum, held in the China's southern province of Hainan.

Xi's speech was highly valued by several experts, particularly his proposal to create a more attractive investment environment ,reduce tariffs and expand imports.

Talking to CGTN, the experts reckon that the speech delivers China's determination to continue and deepen its opening-up policy, bringing benefits to the whole world.

Conference hall for Boao Forum for Asia 2018 in Boao, Hainan Province on Apr.4,2018./VCG Photo

Professor Liu Baocheng, lecturer at the University of International Business and Economics in Beijing, said Xi's speech is a regeneration of China's opening-up policy, and Xi is providing the world with new perspectives.

"All through the speech, China has delivered a message to the world that China has a commitment to the WTO," said Liu.

In his opinion, the most impressive part of his speech was the proposal to create a fairer investment environment for foreign investors. China has made a lot of efforts to open its door to the world, attracting more foreign investors by offering them more opportunities.

"That could be seen as China's global responsibility and commitment to the world," Liu said.

Laurence Brahm, founding director of Himalayan Consensus, told CGTN he felt the speech indicates that China will take on more global leadership by continuing opening-up. He pointed out that China is well prepared to take on global leadership because of its opening-up policy.

"He addresses very clearly issues of high concerns to foreign investors such as: the insurance market, the banking system and the capital markets. With that, he's also talked about reducing restrictions that previously existed on hardcore industries like automobiles. At the same time, very strong emphasis on green energy, technology, reducing carbon and sustainable development and the importance of prioritizing the environment," Brahm said to CGTN.

People charge their Tesla vehicles at a charging station inside a mall in Shanghai on Oct.23, 2017./VCG Photo

Brahm went on to assert that protectionism has again become a growing trend across the world. Brexit and US President Donald Trump's trade policies are a reflection of this trend.

China, however, is committed to maintain its goal of opening up to the world, and contributing to globalization, which is beneficial to

mankind. Therefore, the global community is happy to see that China has taken on global leadership in the new era.

Wang Huiyao, president of the Center for China and Globalization, shares that same view. He asserts that globalization is beneficial to both China and the world.

China will continue opening-up and push forward globalization by reducing tariffs and expanding imports. In a world where protectionism is becoming very popular, China has recognized that globalization will bring benefits to people across the world. People not only in China, but from other regions, are beneficiaries of globalization.

Therefore, China has always been a supporter and participator of globalization through the Belt and Road Initiative. Reducing tariffs and expanding imports can be seen as a sign of the Chinese government's determination to deepen reform and opening-up and contribute more to globalization.