Xi vows to abolish subsidies to firms that impede fair-competition
Chinese President Xi Jinping today vowed to abolish subsidies to firms that impede fair competition, addressing a major bone of contention in US trade talks. Xi repeated past promises to lower tariffs, increase imports and open up more sectors of China's economy to foreign businesses. The pledge comes as top US negotiators prepare to travel to Beijing in the coming week. Here's more.
US demands end to Chinese government's subsidies to country's companies
US negotiators will travel to Beijing next week for a new round of talks aimed at resolving a months-long trade war that has hit businesses with tariffs on hundreds of billions of dollars worth of products. One of the key US demands is an end to Chinese government subsidies to the country's companies. Xi said he will treat all companies equally.
We will treat all companies, enterprises, business entities equally: Xi
"We will overhaul and abolish unjustified regulations, subsidies and practices that impede fair competition and distort the market," Xi said at a summit in Beijing on his Belt and Road global infrastructure project. "We will treat all companies, enterprises and business entities equally and foster an enabling business environment based on market operation and governed by law," he further said.
China wouldn't engage in competitive devaluation of its currency: Xi
At the summit, which was attended by some 5,000 people from across the globe, the Chinese President reiterated that the country would not engage in competitive devaluation of its yuan currency. This issue serves as another cause of the US anger.
