The Abacus

Key Announcements from the CIIE Keynote Address by President Xi Jinping

By: ACBC
08-11-2018

At the China International Import Export this week, President Xi Jinping announced new economic reforms under the theme of 'New Era, Shared Future'. He underlined China’s commitment to continued opening-up of its economy and reform through the WTO and regional trade agreements. These reform will offer significant new opportunities for Australia-China business exchange.

Key announcements were as follows:

  • China will seek to lower tariffs, facilitate customs clearance and reduce institutional costs in import.
  • Foreign equity caps will be raised in education and medical sectors responding to enormous interest among foreign investors and shortages in domestic supply.
  • China will enhance the credibility and efficiency of intellectual property examination system and introduce a punitive compensation system to punish offenders.
  • Support for pilot free trade zones will continue with a deepening focus on reform and innovation.
  • China will put forward policies and institutions to build a free trade port in Hainan.

Xi announced new development policies for Shanghai and surrounding region:

  • China will expand the China (Shanghai) Pilot Free Trade Zone to include a new section.
  • China will launch a science and technology innovation board at the Shanghai Stock Exchange and experiment with a registration system for listed companies.
  • Shanghai will be supported in cementing its position as an international financial centre and a hub of science and innovation.
  • China will support the integrated development of the Yangtze River Delta region, as a national strategic priority.

The full text of Xi’s speech is as at the following link. 


 

@AusChinaBC

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