China Hosts Import Expo, Pledges to Buy More

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Mr Xi's speech on Monday kicked off China's week-long worldwide import expo, which had more than 3,600 companies and 170 countries and regions participating, according to the event website.

The ministry said at a CIIE press conference that the number of companies from Belt and Road countries accounts for almost one third of all firms attending the expo.

Trump is expected to meet Xi this month, but has said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the United States.

Barcena recommended Latin America's two top regional trade blocs take the lead in exploring the export opportunities in fresh and processed foods, including the Southern Common Market (Mercosur), consisting of Argentina, Brazil, Paraguay and Uruguay, and the Pacific Alliance, which gathers Chile, Colombia, Mexico and Peru.

He also said he expects China to import $30 trillion (3,399 trillion yen) worth of goods and $10 trillion worth of services in the next 15 years.

Seen as an ideal opportunity for countries and companies to promote and acquire products, the first CIIE is organized by the International Bureau of Imports and Exports of China, under the auspices of the Chinese Ministry of Commerce and the government of Shanghai.

This is China's first worldwide import expo.

As China has been lambasted for stealing technology rather than developing it independently, Xi also committed to implementing measures to protect intellectual property rights. No senior United States officials were set to attend the Shanghai event.

Trump on Monday said the trade conflict with China could still go either way.

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The American president has this year targeted allies and adversaries alike, threatening tariffs on all of China's exports, proposing levies on European car-makers and saying he could leave the WTO, which he has described as "unfair".

The Expo is seen as an attempt by Beijing to counter mounting criticism of its trade and business practices.

China imported 1.84 trillion dollars of goods in 2017, up 16 per cent, or 255 billion dollars, from a year earlier.

"Swiss wealth is entirely created by open borders and trade, and that can serve as a lighthouse to other countries", Mr Franz said at the same discussion.

Cabinet Secretaries Peter Munya (Trade and Industry), James Macharia ( Transport and Infrastructure), and Monica Juma (Foreign affairs) are among part of the President's delegation to the Expo.

The Philippines secured its own pavilion at the expo, which will highlight its long-standing history with China.

The founder of the Chinese ecommerce site, Alibaba, also rounded on the Trump method of dealing with the trade deficit.

China ranks 59th out of 62 countries on openness to foreign direct investment, according to an Organization for Economic Cooperation and Development ranking.

China's capacity of macroeconomic regulation is growing, and efforts to deepen reform across the board have unleashed new drivers of growth, he added.