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President Xi Jinping delivered a keynote speech at the opening of the 2018 Boao Forum for Asia （BFA） annual conference on April 10， shoring up the U.S. and Asian stock markets and the U.S. dollar. The Dow Jones Industrial Average rose 1.5 percent and the Standard & Poor 500 Index rose 1.3 percent. In sharp contrast， after U.S. President Donald Trump announced the introduction of annual tariffs on Chinese products worth US $60 billion two weeks earlier， the global stock market fell immediately.
Since China began to pursue high-quality economic development， the method of utilizing foreign investment has shifted from processing trade to high-end service and manufacturing industries. President Xi’s speech highlighted the need to speed up the opening up of sectors such as finance， automobiles， and insurance.
With the introduction of pilot Free Trade Zones， China’s financial industry has continued to open up. Last year Fidelity’s wholly-owned subsidiary in Shanghai became the first wholly foreign-owned private equity institution to raise capital and invest in the A-share market in China. UBS Asset Management and BNY Mellon established exclusively foreign-owned enterprises in the Shanghai Free Trade Zone， which have also been granted private equity investment fund manager licenses. Lujiazui has gradually become an important gathering place for internationally renowned asset management agencies to develop financial businesses in China.
After the BFA， a series of measures to raise foreign equity caps for the banking， securities， and insurance industries will be launched within the year. The Shanghai-London Stock Connect will also be opened later this year. In the next five years， China will basically liberalize investment restrictions in the financial market.
Tesla and other foreign car companies that are negotiating to enter China will be the first beneficiaries of further opening-up of the country’s auto industry， and they may choose to invest solely in the Chinese market. At the same time， the tariffs on imported cars will be lowered to 25 percent.
While pursuing high-quality economic growth， the Chinese people are also pursuing a higher-quality life， which will create a huge consumer market for both domestic and foreign producers. In his speech at the BFA， President Xi mentioned that China will take the initiative to expand imports， not to pursue trade surplus as the goal， and reduce tariffs on certain products. This will not only enable the public to enjoy highquality foreign products， but also safeguard the basic principles of the multilateral trading system and international law， a counterblow to unilateral trade protectionism. Furthermore， it also shows China’s sincerity to contribute to the world economy.
Since China began to pursue high-quality economic development， the method of utilizing foreign investment has shifted from processing trade to high-end service and manufacturing industries. President Xi’s speech highlighted the need to speed up the opening up of sectors such as finance， automobiles， and insurance.
With the introduction of pilot Free Trade Zones， China’s financial industry has continued to open up. Last year Fidelity’s wholly-owned subsidiary in Shanghai became the first wholly foreign-owned private equity institution to raise capital and invest in the A-share market in China. UBS Asset Management and BNY Mellon established exclusively foreign-owned enterprises in the Shanghai Free Trade Zone， which have also been granted private equity investment fund manager licenses. Lujiazui has gradually become an important gathering place for internationally renowned asset management agencies to develop financial businesses in China.
After the BFA， a series of measures to raise foreign equity caps for the banking， securities， and insurance industries will be launched within the year. The Shanghai-London Stock Connect will also be opened later this year. In the next five years， China will basically liberalize investment restrictions in the financial market.
Tesla and other foreign car companies that are negotiating to enter China will be the first beneficiaries of further opening-up of the country’s auto industry， and they may choose to invest solely in the Chinese market. At the same time， the tariffs on imported cars will be lowered to 25 percent.
While pursuing high-quality economic growth， the Chinese people are also pursuing a higher-quality life， which will create a huge consumer market for both domestic and foreign producers. In his speech at the BFA， President Xi mentioned that China will take the initiative to expand imports， not to pursue trade surplus as the goal， and reduce tariffs on certain products. This will not only enable the public to enjoy highquality foreign products， but also safeguard the basic principles of the multilateral trading system and international law， a counterblow to unilateral trade protectionism. Furthermore， it also shows China’s sincerity to contribute to the world economy.