China intends to continue the course aimed at increasing imports and simplifying customs procedures, as well as reducing duties, Chinese President Xi Jinping said on Monday at the opening of the first China International Import Expo (CIIE) in Shanghai.
SHANGHAI (CHINA) (Pakistan Point news / Sputnik - 05th November, 2018) China intends to continue the course aimed at increasing imports and simplifying customs procedures, as well as reducing duties, Chinese President Xi Jinping said on Monday at the opening of the first China International Import Expo (CIIE) in Shanghai.
"China is a big market with unlimited possibilities. We intend to expand the potential for increasing imports. China's initiative to increase imports is not a momentary choice, it is a future-oriented step aimed at uniting the world and achieving global development ... We intend to reduce customs duties, simplify customs procedures, reduce import costs, accelerate the development of new forms and models of trade, including the development of cross-border e-commerce," Xi said.
Xi added that China intended to continue developing the potential of its domestic market.
According to the Chinese leader, the organization of CIIE is also a measure aimed at increasing imports and this event will be held annually.
Xi assured the guests of CIIE that Beijing planned to take efforts to improve the legal conditions for foreign companies operating in China, protect their interests and severely punish violations of their rights.
"We intend to protect the legal rights and interests of foreign enterprises [operating in China], to resolutely combat violations of legal rights of foreign enterprises, in particular, violations of intellectual property rights, severely punish such violations, improve the quality and effectiveness of control over intellectual property, introduce a system of fines for violations of the foreign companies' rights," Xi stressed.
The CIIE, hosted by the Chinese Commerce Ministry and Shanghai Municipal People's Government, will last through November 10. Over 2,800 companies from 130 countries are participating in the event.
Russian companies are represented in five industry areas, namely food and agricultural products, high-tech equipment, medical equipment and goods, services, consumer goods. The Russian delegation is headed by Prime Minister Dmitry Medvedev.
