Published: Mon, November 05, 2018
Markets | By Otis Pena

China's Xi criticizes 'law of jungle' in veiled swipe at Trump

China's Xi criticizes 'law of jungle' in veiled swipe at Trump

President Xi Jinping said on Monday that China would accelerate efforts to remove barriers to foreign businesses and to increase imports, amid growing pressure to follow through on earlier pledges to open the country's huge markets.

China´s President Xi Jinping is seen on a big screen in the media centre as he speaks at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai on November 5, 2018.

Noting that this year marks the 40th anniversary of China's reform and opening-up, Xi said China is working with the global community to build a community with a shared future for humanity.

"It is the greatest challenge for China" to transform itself into an importing nation, Ma said.

"As globalization deepens, the practices of law of jungle and victor take all are a dead end", Xi told the gathering in Shanghai, which featured more than 3,600 companies from 172 countries, regions and organizations.

There's also a notable dearth of top business chiefs.

Xi is expected to deliver an address some time on Monday morning to open an event attended by several foreign heads of government including Russian Prime Minister Dmitry Medvedev and Pakistani premier Imran Khan. Starbucks Corp. CEO Kevin Johnson, whose company opens a store in China every 15 hours, won't be attending even though he'll be in the same city.

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Nations "should not just point fingers at others to gloss over their own problems", he said, likening the USA attitude to "the law of the jungle".

China's economic development has changed not only the internal life in the country, but the entire global economy, Managing Director of the International Monetary Fund (IMF) Christine Lagarde stated at the opening of the first China International Import Expo (CIIE) in Shanghai.

"They should not hold a flashlight in hand, doing nothing but highlighting the weaknesses of others and not their own", he added.

"We're in a very big dispute with them right now, and we're winning", Trump said on a conference call with supporters the day before the mid-term elections.

The European Union, which shares USA concerns over China's trade practices if not Trump's tariff strategy to address them, on Thursday called for China to take concrete steps to further open its market to foreign firms and provide a level playing field, adding that it would not sign up to any political statement at the forum. America has imposed tariffs on $250 billion of Chinese goods after President Trump accused China of unfair trade... Nearly half of companies surveyed in June by the European Chamber of Commerce in China said they missed out on business opportunities due to regulatory barriers or market access restrictions, and they expected obstacles to increase during the next five years.

About 180 United States companies are sending representatives, including big names such as Alphabet Inc.'s Google, Boeing Co., Caterpillar Inc., Facebook Inc., General Motors Co., Honeywell International Inc., Microsoft Corp., Tesla Inc. and Qualcomm Inc.

But he said Xi's latest comments came "with few specific solutions" and that the chamber wants to see the "rhetoric" match by actions.

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