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UPDATE 1-China to cut tariffs, boost imports of high-quality goods and services - Xi says

Published 11/19/2020, 12:19 PM
Updated 11/19/2020, 12:20 PM
© Reuters.

(Adds details, quotes)
BEIJING, Nov 19 (Reuters) - China will continue to cut its
tariffs and expand imports of high-quality goods and services,
Chinese President Xi Jinping said on Thursday, while vowing to
push reforms and promote an innovation-driven growth model.
"We will further reduce tariffs and institutional costs...,
and expand imports of high-quality products and services from
all countries," Xi said in a keynote speech delivered via video
at the APEC CEO Dialogues, ahead of a leaders' virtual summit on
the future of international cooperation on Friday.
China will pursue higher quality growth through its "dual
circulation" development model, driven by technological
innovation, Xi said.
Xi also called for stronger policy coordination among
international communities and said globalisation is
"irreversible" and that China will not engage in "de-coupling".
"Our new development pattern is not a closed domestic single
circulation, but an open and mutually promoting domestic and
international dual circulation," Xi said.
The "dual circulation" strategy envisages that China's next
phase of development will depend mainly on "domestic
circulation" or an internal cycle of production, distribution
and consumption, backed by domestic technological innovation.
Xi also said China will sign free trade pacts with more
countries and will promote a high-quality Belt and Road
initiative.
At a key meeting last month, Xi and other leaders laid out a
blueprint for China's five-year plan and key objectives for the
next 15 years. They include a goal to turn China into a "high
income" nation by 2025 and advance to a "moderately developed"
nation by 2035.

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