Xi Jinping: China to Sign More High-Standard Free Trade Agreement
Chinese President Xi Jinping.

JAKARTA (TheInsiderStories) – Chinese President Xi Jinping expressed its readiness to sign a high-standard free trade agreement with more countries to encourage access to trade and global economic growth in a opening speech of the 2nd Belt and Road Forum for International Cooperation in Beijing, on Friday (04/26).

Xi stated, Belt and Road Initiative has opened a new space for global economic growth, while creating a new platform to increase international trade and investment, expand new practices to optimize global economic governance, and make new contributions to improve the welfare of the people of all countries.

Therefore, China will allow foreign investors to conduct business in more sectors with controlling or full shares. China will launch a number of new pilot free trade zones.

China also attaches great importance to the establishment of an obstacle mechanism for the fulfillment and implementation of international agreements, and the modification and improvement of laws and regulations in accordance with the need for further opening.

With that, China increases imports of goods and services on a larger scale and will further reduce its tariffs.

In addition, China does not adopt a currency devaluation, but will continue to improve the mechanism of the formation of its currency exchange rate, the Renminbi, and keep the exchange rate generally stable at a reasonable and balanced level.

Xi emphasized, the development of high-quality BRI was emphasized by the principle of broad consultation, joint contributions and shared benefits must be upheld. Open, green and clean approaches must be obeyed.

Similarly, Xi stressed the need for high-quality sustainable infrastructure under BRI.

As a foundation for connectivity and development barriers facing many countries, building infrastructure with standards can help countries play full benefits from resources and integrate better into the interrelated global, industrial, and value chain development.

In addition, China will support 5,000 people to exchange BRI innovations, including joint training and research programs and will also invite 10,000 representatives of political parties, think tanks, Non-Government Organizations from BRI countries to exchange in the next five years.

But Xi stressed that allied countries must also create a healthy investment environment, and treat Chinese companies, students and scholars abroad equally.

“All countries must provide a fair and friendly environment for them to carry out normal international exchanges and cooperation,” he said.

Although it is still at the scope of free cooperation, Xi prohibits the transfer of forced technology and increases the protection of the rights and legitimate interests of foreign owners of intellectual property rights.

“China will create a business environment where the value of knowledge is respected,” he said.

Written by Daniel Deha, Email: daniel@theinsiderstories.com