President Xi Jinping fired the next salvo to President Trump’s trade war by committing to provide better access to Chinese consumer market and lower import tariffs.
Effectively, Xi was asserting its position as the new world leader; a position voluntarily given up by President Trump who pivoted U.S. foreign policy toward making America great again.
At a trade fair, Xi discussed China’s role as the new globalist superpower:
“Protectionism and unilateralism is rising. Multilateralism and the free trade system are under threat … China will not close its door to the world and will only become more and more open.
“All countries should strive to improve their own business environment and solve their own problems.
“As globalization deepens, the practices of law of jungle and winner take all are a dead end. The Chinese economy is a sea, not a pond. Storms can overturn a pond, but never a sea.
“After more than 5,000 years of hardship, China is still here. Facing the future, China will always be here.”
The speech which did not touch on trade war issues, came ahead of the G20 summit in Argentina where the two leaders embroiled in a bitter trade war are expected to talk about trade.
Xi stated that China is en route to a “new round of high-level opening up” but did not mention any concessions that will appease President Donald Trump.
The Chinese leader also reiterated his commitment to enforce intellectual property rights, as well as improve the current state of country’s educational, cultural and telecommunications sectors, something officials have failed to deliver in the past.
Xi vowed to accelerate trade talks with the European Union, as well as Japan and Korea. The “President-For-Life” also revealed that a new stock board would be set up in Shanghai for hi-tech companies.
According to China’s foreign ministry, President Donald Trump and Xi had a positive phone conversation last week.
Apparently, President Trump felt the same way by tweeting the following:
“Just had a long and very good conversation with President Xi Jinping of China. We talked about many subjects, with a heavy emphasis on Trade. Those discussions are moving along nicely with meetings being scheduled at the G-20 in Argentina.”