China promises a wider opening of the economy
China would be more open to imports and investments and ensure full access to the manufacturing industry for foreign investors.
Beijing plans to abolish import tariffs on medicines and reduce tariffs on consumer goods. The Chinese Prime Minister announced that his country would open the production sector and provide better protection of intellectual property. According to the agency, Chinese leaders are under pressure to slow down the economy, dominated by state-owned enterprises, and have become more efficient. The authorities of the Middle Kingdom have repeatedly stressed the need to open up the market for international competition, but in the opinion of international business circles, this process is too slow. "We will also open the manufacturing sector fully," stressed the Chinese Prime Minister. He also announced the resignation of 'mandatory requirements for technology transfer' and 'better protection of intellectual property rights'.
At the same time, the Prime Minister appealed to the American authorities "for rational actions" in matters of trade. However, the head of the Chinese government did not raise the issue of China's possible response to the tariffs imposed by the United States on 8th March, which are to cover all countries except Canada and Mexico. They amount to 25 percent. for steel and 10 per cent on aluminum. Donald Trump repeatedly accused China of applying unfair commercial practices and restricting market access to US companies, which contributed to the increase of the US deficit in trade with the PRC. Washington is also investigating the alleged theft of intellectual property of American companies by Chinese companies. This year, the Trump administration increased tariffs on imported to the USA washing machines and components of solar panels, whose dominant producer is China. It also imposed anti-dumping tariffs on Chinese aluminum foil. Beijing, in turn, initiated anti-dumping proceedings in the case of American sorghum.
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