Amid fears of trade war under the protectionist policy of US President Donald Trump, exports king China is all set to hold its first import-only fair this year in November to give firm support to “trade liberalization and economic globalisation” and actively open the Chinese market to the world. Chinese President Xi Jinping announced the plan to organise China International Import Expo (CIIE) in May last year.
Through this fair, the dragon is projecting the Chinese market as a “historic opportunity for enterprises” to tap the enormous potential for the growth of consumption and import. Some experts say that China is trying to give a message to the world that does it not only preach globalisation, it practices it too, while some others say that it could be an attempt to bridge the gap between its imports and exports as it has high trade surpluses with regard to many countries.
Even as China’s trade surplus narrowed in recent months, its surplus with the US stood at $22.19 billion in the month of April. “China should advance macroeconomic reforms that support greater household consumption growth and help rebalance the economy away from investment,” the US Treasury had suggested China in its April report while refraining to label the dragon a currency manipulator.
On trade war front, the US has put it “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, US Treasury Secretary Steven Mnuchin was quoted by Reuters as saying.
On Saturday, Beijing and Washington said they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to narrow the $335 billion annual US goods and services trade deficit with China.
China expects businesses from over 100 countries and regions are expected to participate in the first CIIE. China aims to import products and services valuing more than 10 trillion US dollars in the next five years.