World Media

Alibaba owner Jack Ma slams China-US trade war

Xi has said the expo proves China is willing to reduce its huge trade surpluses with other countries

Xi vowed at the opening of a new import fair in Shanghai on Monday that China had a "sincere commitment" to open its markets, despite foreign accusations that it was dragging its feet or backsliding amid calls to remove barriers to market access. In an interview with Xinhua on Thursday, the head of trade at Standard Bank Vinod Madhavan said the shift to consumption-led growth in China comes at an opportune time for Africa.

Some Western diplomats and businesses have been quietly critical of the expo, arguing it is window dressing to what they see as Beijing's long-standing trade abuses.

Ma, the billionaire owner of China's largest online shopping portal, made the headline-grabbing job-creation promise to Trump previous year, when Beijing was still courting the then-newly elected president.

India too has been pressuring China to take measures to bring down over Dollars 51 billion annual trade deficit, which was one of the main focus areas in the informal meeting between Prime Minister Narendra Modi and Chinese President Xi Jinping at Wuhan in April this year.

"The attack are dictated by increasing factors of instability and numerous uncertainty, and risks and obstacles".

China's total purchases of foreign goods would amount to US$30 trillion over the next 15 years, while its purchase of services would reach US$10 trillion in the same period, he continued.

China imported $1.84 trillion of goods in 2017, up 16 percent, or $255 billion, from a year earlier.

Ma also said the government should not worry about innovation, which it should back even if it threatened old, vested interests.

Kenyan President Uhuru Kenyatta voiced the foreign impatience when he told the opening ceremony that his country's growing trade with China was "heavily skewed" in Beijing's favour. Slap Tariffs "On All Chinese Imports" If Trump-Xi's November Meeting Fails.

European Union on Thursday called for China to take concrete steps to further open its market to foreign firms and provide a level playing field. Its VIP guest list includes prime ministers and other leaders from Russia, Pakistan and Vietnam.

Meanwhile the remaining ministers are expected to remain in the country this week.

Swiss President Alain Berset did not make the trip to China, despite being announced as among attendees by China's foreign ministry last week.

It said that Secretary of State Marie-Gabrielle Ineichen-Fleisch would represent Switzerland. From the United States, some 136 exhibitors will attend, including Google, Dell Inc., Ford and General Electric.

Since then, officials of the two countries held several rounds of talks for India to export its agricultural products like sugar and rice as well as its pharmaceuticals and IT in which the country has an upper hand in the global exports.

For Iraq, it's crude oil while Jamaica would market its famed blue mountain coffee.