International community speaks highly of Xi's speech and CIIE

Daryl Guppy, president of the Northern Territory office for the Australia China Business Council

Speaking at the opening of the China International Import Expo (CIIE) in Shanghai on Nov 5, President Xi again reconfirmed China's commitment to free trade and a lowering of trade barriers and tariffs. His speech came just a day after Premier Li threw China's support behind the Regional Comprehensive Economic Partnership (RCEP) MOU in Bangkok. These two speeches are evidence of China's genuine commitment to free trade and a further opening up of China's capital and investment markets.

President Xi covered five areas and each of these has a significant impact on investment and business decisions. For those who choose to really listen, these five areas point the way to a greater and more stable trade relationship that offers benefits, not just for one country, but for all participants. These five areas are consistent with the philosophy of the Belt and Road Initiative, and with the philosophy of the RCEP agreement announced in Bangkok.

President Xi has not retreated from his 2017 statement in Davos where he opposed the growth of protectionism in favour of a continuous reduction in trade barriers to improve the efficiency of supply chains. These were not empty words, and the RCEP is a positive example of the reduction of trade barriers.