China’s Xi warms US business ties with words wrapped in ribbons

Chinese president Xi Jinping tried his hand at global warming with a huge gift Wednesday.

Addressing a group of top US business leaders in Seattle, Xi said China was ready to greatly reduce restrictions on foreign investment. He also predicted a long period of Chinese growth despite recent economic setbacks.

Xi made sure there was substance to his words.  Boeing confirmed shortly thereafter that it had won unprecedented orders and commitments for 300 planes from China, worth $38 billion.

“The positive long-term trend in China’s economy will not change,” Xi told the gathering, reported Reuters.

Echoing an earlier interview with the Wall Street Journal this week, Xi said he was aware of risks and challenges facing China’s economy, and was adopting more forceful and innovative macroeconomic measures to address them.

“I believe that from a long-term perspective, China’s economic fundamentals are good,” Xi told the gathering, which included Apple Chief Executive Tim Cook and Berkshire Hathaway’s Warren Buffett.

He also said, “We are working to create a new open economic system, push forward reform of foreign investment management and greatly reduce the restrictions on foreign investment.”

Xi said a key part of that reform would be reducing the scope of the current “negative list” on foreign investment, adding, “Our positive list will be bigger, a longer list. We will continue to build an open and law-based environment.”

Xi made the remarks before heading to Washington for a meeting with President Obama.



Categories: Asia Unhedged, China

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