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Xi Jinping urges further opening-up ahead of Trump inauguration
Release of speech trumpeting role of free-trade zones seen as effort to bolster market sentiment ahead of any disruption to Sino-US ties.
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China’s leadership has called for institutional opening-up and efforts to build a “world-class” business environment this year as Beijing strives to rekindle confidence and growth, convince foreign firms to remain onshore and keep goods flowing as external shocks loom.
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The message was contained in a speech by President Xi Jinping that was released on Wednesday, five days ahead of Donald Trump’s inauguration as US president for a second term that is expected to disrupt China-US ties from day one.
“We must expand institutional opening up, adopt international standards and reform how we manage trade and investment,” Xi told senior cadres at a closed-door meeting in late October.
Pilot free-trade zones, from the east coast financial hub of Shanghai to the southernmost island province of Hainan, were highlighted as the vanguard of the oft-mentioned ambitions.
While it was not the first time that Chinese officials have promised wider market access or other positive developments to entice investors, some analysts said the timing of the release of Xi’s pro-business speech was likely to have been meticulously planned, aiming to unite minds and prop up market sentiment at the start of a year in which Chinese exporters and foreign businesses are girding for Trump’s return to the White House and the likelihood of intensified trade rifts.
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“The shifting international situation and economic growth call for institutional reforms and opening-up to work in sync,” said Tang Dajie, a researcher at the Beijing-based China Enterprise Institute think tank.
Tang noted that progress on economic reforms, a key topic discussed at the Communist Party Central Committee’s third plenum in July, had slowed and market opening was vital to give impetus to domestic restructuring.
