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Risk aversion in the market subsided with stocks rising and the safe haven Japanese yen retracing its gains after Chinese President Xi Jinping, speaking at the Boao forum in Asia said that his country doesn’t seek trade surplus and have a genuine desire to increase imports and achieve greater balance international payments under the current account. Xi promised to open up the Chinese economy faster, promised to reduce trade tariffs on items such as imported cars, promised to protect foreign intellectual properties from theft, and create an environment that improves investments for international companies. Here are some key comments from Xi,
“China does not seek trade surplus. We have a genuine desire to increase imports and achieve greater balance of international payments under the current account…… We must refrain from seeking dominance and reject the zero-sum game, we must refrain from 'beggar thy neighbor' and reject power politics or hegemony while the strong bully the weak” and called on countries to “stay committed to openness, connectivity and mutual benefits, build an open global economy, and reinforce cooperation within the G-20, APEC and other multilateral frameworks. We should promote trade and investment liberalization and facilitation, support the multilateral trading system. This way, we will make economic globalization, more open, inclusive, balanced and beneficial to all". He further added, “We encourage normal technological exchanges and cooperation between Chinese and foreign enterprises and protect the lawful [intellectual property] owned by foreign enterprises in China".
As President Xi Sounded like a concessionist, global stock market resumed rally. The U.S. benchmark stock index is up more than 1.25 percent and is currently trading at 2650. The Japanese benchmark, Nikkei225 is up in line with the S&P500 and is currently trading at 21885 (CFD).
President Xi’s comments came after President Trump predicted in his tweet that China would give in and provide concessions that he has been demanding,
“The United States hasn’t had a Trade Surplus with China in 40 years. They must end unfair trade, take down barriers and charge only Reciprocal Tariffs. The U.S. is losing $500 Billion a year, and has been losing Billions of Dollars for decades. Cannot continue!”
“President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to do. Taxes will become Reciprocal & a deal will be made on Intellectual Property. Great future for both countries!”
“When a car is sent to the United States from China, there is a Tariff to be paid of 2 1/2%. When a car is sent to China from the United States, there is a Tariff to be paid of 25%. Does that sound like free or fair trade. No, it sounds like STUPID TRADE - going on for years!”
