Tags: APFN | AS | China | Economy

China's Premier Promises 'wider Opening' of Economy

China's Premier Promises 'wider Opening' of Economy

Monday, 19 March 2018 11:38 PM EDT

BEIJING (AP) — Premier Li Keqiang on Tuesday promised China "will open even wider" to imports and investment and will fully open manufacturing industries to foreign competitors.

Beijing plans to eliminate import tariffs on drugs and slash duties on consumer goods, said Li, the country's No. 2 leader, at a nationally televised news conference Tuesday held during the annual meeting of the national legislature. He said the country will "fully open the manufacturing sector," with better protection for intellectual property.

Chinese leaders are under pressure to make their slowing, state-dominated economy more productive. They have promised to open more industries to private and foreign competition, but business groups complain they are moving too slowly.

"If there is one thing that will be different from the past, that will be that China will open even wider," said Li.

Beijing plans to "further bring down overall tariffs," with "zero tariffs for drugs, especially much-needed anti-cancer drugs," the premier said.

"We will also fully open the manufacturing sector," said Li. "There will be no mandatory requirement for technology transfers and intellectual property rights will be better protected."

Beijing faces complaints it violates its market-opening commitments by requiring automakers and other foreign companies to hand over technology to potential Chinese competitors. The government of U.S. President Donald Trump is investigating whether Beijing is acting improperly, a probe American officials have suggested might lead to trade penalties.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Premier Li Keqiang on Tuesday promised China "will open even wider" to imports and investment and will fully open manufacturing industries to foreign competitors.Beijing plans to eliminate import tariffs on drugs and slash duties on consumer goods, said Li, the country's...
APFN,AS,China,Economy
231
2018-38-19
Monday, 19 March 2018 11:38 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved