Chinese Premier Xi vows more open markets, entry into CPTPP to undermine US

Chinese President Xi Jinping pledged to make its domestic market open and reiterated its resolve to join CPTPP in order to undermine the role of the US in championing free trade.

Chinese President Xi Jinping on Thursday pledged to make its domestic market open and reiterated its resolve to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in order to undermine the role of the US in championing free trade.

Speaking via a video link to the China International Import Expo, a six-day trade fair that opens to the public Friday in Shanghai, he stressed that since China acceded to the World Trade Organization two decades ago, the country has cut its overall tariff rate to below the level set in its accession commitment, reported NHK World.

The expo will bring together businesses and other entities from more than 120 countries and territories.

Xi promised that China will maintain its commitment to economic globalization that is more open, inclusive, balanced and beneficial for all. He added China will actively participate in the CPTPP, reported NHK World.

In September, Beijing applied to take part in the trade accord, which encompasses 11 countries, including Japan, Australia, New Zealand and Singapore. The United States is not a signatory to the pact, though Washington was the brainchild of the deal.

Analysts say Xi sought to underscore his stance on international cooperation in contrast with other countries, such as the US, that are perceived to be taking protectionist policies, reported NHK World.